http://gulfnews.com/business/sector...uae-s-largest-trade-partner-by-2030-1.1947103
Dubai: In terms of the UAE’s most important trade corridors, India is anticipated to become the largest import and export trade partner, both in terms of goods and services, by 2030, according to HSBC Trade Forecast.
In terms of merchandise exports, India is expected to overtake Japan given the South Asian nation’s growing demand for energy from strong economic and population growth. In 2015, Japan held a 6 per cent share of UAE exports, with India closely following with around 6 per cent.
Vietnam is expected to see the fastest growth for UAE exports; rising 10 per cent a year from 2021 to 2030. With regards to imports, India will displace China as the top importer by 2030 as its exports to the UAE grow 14 per cent a year in 2016-20 and then 11 per cent a year in 2021-30. While the US and Germany will remain among the top five import partners, Vietnam is set to displace the UK by the end of the forecast period.
“India has historically enjoyed strong ties with the UAE and businesses are well aware of the opportunities for bilateral trade. Another interesting corridor that more companies in the UAE are exploring is Vietnam. This is also evident in the Trade Forecast report which cites Vietnam as being the UAE’s fastest growing export destination — rising by 10 per cent a year between 2021 and 2030,” said Ahmed Abdelaal, Regional Head of Corporate Clients Coverage MENA and Head of Commercial Banking, HSBC UAE.
For services exports, while Saudi Arabia has traditionally been the UAE’s biggest partner in this space, it is anticipated to be eclipsed by India. Exports in services to India are projected to grow at an average of 11 per cent a year, followed by Indonesia at 10 per cent and China at 9 per cent.
