India's exports of various products such as gems and jewellery, automobiles, coffee, tea, and articles of iron and steel have witnessed growth during the period of June 2022-February 2023 as compared to the same period in the previous year. However, India's apparel exports and iron and steel shipments to the UAE have declined during this period.

Despite these challenges, India's overall goods exports to the UAE have risen by 10.4% year-on-year to USD 23.03 billion, with imports increasing by 12.9% to USD 38.95 billion during the June 2022-February 2023 period. This positive growth can be attributed to the bilateral Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE.

The CEPA, which came into force on May 1, 2022, has facilitated trade between the two nations. The integration of customs and logistics portals to track shipments in real-time has resulted in priority entry at ports. As a result, India is poised to achieve an all-time high of USD 32 billion in exports to the UAE by the end of this fiscal year, thanks to the benefits of the CEPA.

Currently, India's exports to the UAE stand at around USD 28.3 billion, and approximately USD 1.3 billion of India's exports go on zero duty on a monthly basis, compared to USD 2.72 billion of total outbound shipments.

It is noteworthy that the Indian government has removed export restrictions, which has also contributed to the increase in exports. Despite the challenges faced due to global headwinds, both countries will continue to build on the success of the CEPA in the years ahead.