UAE-India Trade in Q1 2010

A report released by the Ministry of Foreign Trade on the commercial and investment ties between the UAE and India has revealed a positive shift from a deficit during the first quarter of 2009 worth around US$1.9 billion to a surplus in the UAE's favour during the first quarter of 2010 worth US$559 million.

The report, which was conducted by the Analysis and Trade Information Department at the Ministry, attributed this positive change to the big increase of 273% in the value of UAE non-oil exports that went up from US$559 million during the first quarter of 2009 to US$2.2 billion in 2010, in addition to the increase in the value of India-bound re-exported UAE commodities by 162%, going up from US$1.1 billion to US$3.1 billion during the same comparison period.

The report, which was prepared by the Ministry's Economic Analyst, Yousef Diab, revealed that when conducting a comparison between those two quarters, it would be revealed that there is an 83% increase in the value of non-oil foreign trade between both countries from US$5.5 billion in 2009 to US$10.2 billion in 2010. The report affirmed that these indicators reflect the strength of existing bilateral ties between the UAE and India and the strength of the UAE's economy and its development that are seen as a direct result of the implementation of the country's policy and strategy of increasing economic openness, and its execution and establishment of a free market policy, a diversified economy, and increasing the UAE's non-oil exports in order to increase their contribution to the GDP.-Emirates 24/7