Non-oil trade between UAE and India jumps to $41.4 billion in 2019

India is now the third-largest trading partner of the UAE.

By Backend Office, Desk Reporter
    Photo by Pranjal Srivastava from Pexels

    Data provided by the UAE Ministry of Foreign Affairs and International Cooperation indicates that in 2019, the non-oil bilateral trade between the UAE and India has seen a surge of 15.3% to $41.4 billion. Emirates has recorded an overall increase of 4.4% in its global non-oil trade.

    Non-oil exports and re-exports from the UAE to Asia’s third-largest economy in 2019 were valued at $14.7 billion while imports from India are estimated to be $26.7 billion.

    According to the data, “India emerged as the top global destinations for the Emirates’ non-oil exports between 2014 and 2019 as it became the second top global source of imports for the second-largest Arab economy. India was also the third top global destination for non-oil re-exports from the UAE in 2019”.

    India is also the top source of foreign direct investment in a number of UAE’s sectors, including oil and gas, chemicals, real estate, financial services, and hotels and tourism.
    Both UAE and India had set $100 billion trade targets by 2020, but currently, this seems unlikely due to pandemic and its impact on the economy. In 2018, India was the third-largest trading partner of UAE after the US and China as the trade had hit $57 billion in that year.

    According to data released by the Federal Competitiveness and Statistics Authority (FCSA), “all non-oil-related trade indexes in the UAE improved in 2019, led by the export and re-export trade indices, with the latter amounting to $1.24 billion against $1.17 billion in 2018, accounting for 28.5 percent of total foreign trade”.