Indian exports to GCC rise 44% to $43.9bn in FY 2021-22: FIEO
According to the Federation of Indian Export Organisations (FIEO), the apex body of the country’s export promotion councils, Indian exports to the GCC grew by 44 per cent in FY 2021-22 to $43.9bn compared to last FY’s $27.8bn.
Exports to the UAE topped the list, reflecting 68 per cent growth valued at $28b compared to $16.7bn in 2021. India is the UAE’s second-largest trading partner and largest in terms of exports.
The trade figures were published in a statement released at the Super Sourcing Dubai (SSD) event, taking place alongside Propaper Dubai 2022, at the Festival Arena, Dubai Festival City from September 20-22.
FIEO officials said paper and allied products’ exports to the GCC touched $638m in 2021, with the UAE taking a major share in the trade at $386m.
The cumulative demand for paper and allied products in the GCC market is estimated to be over $3.8bn.
“Our export performance in the GCC in FY 2021-22 has been marvellous. Apart from the UAE, our exports to Saudi Arabia grew by 49 per cent, Oman by 33 per cent, Qatar by 43 per cent, Kuwait by 17 per cent and exports to Bahrain increased by 70 per cent,” said Dr Ajay Sahai, director-general and CEO of FIEO.
In the case of the paper industry, India has a 16 per cent market share in GCC and the target is to corner a 25 per cent market share by 2027, with the signing of the Comprehensive Economic Partnership Agreement (CEPA) with other Gulf countries. India and the UAE signed CEPA in February this year which came into force on May 1.