“India’s exports (to the UAE) are around $28.3 billion. We are hopeful to touch an all time high of $32 billion exports this year,” said an official.
As per the official, the two sides are also working on customs facilitation wherein their logistics and customs portals would get integrated and help in real time data exchange and tracking of ships for priority of entry in ports. A review of the CEPA, which came into force on May 1, 2022, is likely in May.
On a monthly basis, around $1.3 billion of India’s exports are going on zero duty as against $2.72 billion of total outbound shipments.
Almost 6,944 certificates of origin were issued in February as against 5,754 in November last year as exports of gems and jewellery, automobiles coffee, tea, and articles of iron and steel, among others rose in June 2022-February 2023 on-year.
“There is an increase in the CEPA utilisation,” the official said.
However, India’s exports of apparel, and iron and steel to the UAE shrank in the period.Apparel exports declined due to the global headwinds while shipments of iron and steel fell despite the government removing export restrictions on them. As per the official, their exports are expected to pick up in the next fiscal.
India’s overall goods exports to the UAE rose 10.4% on-year in June 2022-February 2023 at $23.03 billion while imports increased 12.9% at $38.95 billion.
