India May Be The World's Fastest Growing Exporter By 2030

DUBAI: India is likely to become the world's fastest growing exporter and UAE's top export and import destination by 2030, according to a study.

The latest HSBC Trade Forecast yesterday tipped that India has the potential to become world's 5th largest exporter of goods by value from the 14th spot from 2014 to 2030.

Besides India, UAE's fastest growing export markets will be China, Malaysia, Turkey - each of which will see the fastest growth rates between 2017 and 2030. Import growth for UAE will be fastest for goods originating from China, India, Turkey and Vietnam.

"Sectors such as infrastructure and construction, tourism, retail and Government investments in technology will continue to be the main drivers of the UAE's economy going forward.

With that said, we still expect petroleum products to remain both the largest category of total exports and the largest contributor to total export growth up to 2030," said Tim Evans, Regional Head of Global Trade and Receivables Finance.

"It (petroleum products) will account for over 40% of total export growth over this forecast horizon. So it is no surprise to see energy hungry countries such as India and China on top of the UAE's export list," said Evans.

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