India's silk exports to UAE rise

India's exports to United Arab Emirates have witnessed a steady growth and the country has emerged as an important destination for export of silk fabrics, made-ups and readymade garments.

During the first quarter of current fiscal, Middle East recorded highest growth rate for region wise performance and the main fillip to the growth in exports to the Middle East came from UAE that grew by over 75 per cent year-on-year to touch $1.6 billion, a release of D & B India Trade Outlook said in Chennai.

For export of silk fabrics and made-ups, UAE emerged as the second most important destination, dislodging traditional partners like Germany and the UK. Exports to UAE recorded a CAGR of 28.4 per cent during 1997-98 to 2003-04 while it was 3.2 per cent for Germany and 6.4 per cent for the UK.

Exports of readymade garments to UAE had surged at a CAGR of 40 per cent during 1997-98 to 2003-04 (albeit from a low base), making it the second largest destination in this category.