UAE second-largest market for India

The UAE imported more than $16 billion (Dh58.76bn) worth of goods and services from its main economic partner India in 11 months to become the world's second-largest market for the South Asian giant, according to official statistics. The UAE's exports to India were also close to $17bn between April 2008 and February 2009, emerging as the second-largest exporter to that market after Saudi Arabia, showed the figures by the Indian Department of Commerce. From about $16.55bn during April 2007-February 2008, India's exports to the Emirates climbed by about 17.9 per cent to a record $17.99bn in the following corresponding period to catapult the UAE to the second position after the United States in the list of global importers from India. The increase boosted the share of the UAE's imports from India to a record 10.8 per cent of the South Asian country's total exports of nearly $153bn during April 2008-February 2009, the figures showed. The US remained the top market for India, with imports of about $18.4bn and a share of about 12 per cent during that period. The UAE's imports from India during that period also accounted for more than 12 per cent of the total imports of about Dh550bn. India, which has the largest foreign community in the UAE, has been locked in a marketing blitz to boost its exports to the Emirates and other Gulf oil producers within long-term plans to stimulate its economy. The drive has already paid off as India moved to the second place in the list of exporters to the UAE in 2008 after it was a negligible exporter 15 years ago. China was the top exporter to the UAE but according to the Emirates Industrial Bank, India could overtake China in the next few years. The figures showed the UAE was also the world's second-largest exporter to India after Saudi Arabia, with its exports leaping by about 39 per cent to $12.98bn during April 2008-February 2009 from nearly $12.2bn in the previous corresponding period. Saudi Arabia's exports grew by about 7.3 per cent to $18.66bn from $17.34bn in the same period. Oil and petroleum products account for the bulk of the exports by the UAE and Saudi Arabia to India and analysts said the surge in the UAE's exports to Subcontinent through 2008 was mainly because of a sharp rise in crude prices. "The UAE and Saudi Arabia will remain the world's largest exporters to India in the coming period given its increasing reliance on their oil," said an analyst. "I think India will also remain a key exporter to the region, mainly to the UAE, given the presence of a large Indian community and competitive Indian products." Egypt to export cotton Egypt, producer of the world's finest cotton, agreed to export 891 metric tonnes in the week ended July 9, the Alexandria Cotton Exporters Association said in its weekly bulletin yesterday. India is one of the largest importers of Egyptian cotton. The country has shipped 21,982 metric tonnes of cotton worth $59 million (Dh217m) since the marketing year began on September 1. Some 785 tonnes of so-called Giza 88 variety and 106 tonnes of Giza 86 were sold last week, said the association. Keep up with the latest business news from the region with the daily Emirates Business 24|7 newsletter. To subscribe to the newsletter, please click here .