India is likely to become the world's fastest growing exporter and UAE's top export and import destination by 2030, according to a PTI report.
The latest HSBC Trade Forecast on Tuesday 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.
"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, Global Trade and Receivables Finance.
"It (petroleum products) will account for over 40 per cent 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.
According to the Trade Confidence Index, the UAE remains firmly positive about increasing trade activity over the next six months.
Globally, world trade is set to resume its growth trajectory in 2016, presenting fresh opportunities for businesses that have positioned themselves to benefit.
The Index showed that 65 per cent of businesses surveyed reported current trade activity with these regions while 75 per cent believe that Asia or Middle East and North Africa will have the best opportunities of growth over the next 6 months.
"UAE importers will continue to have their main focus on Asia and intra-regional trade as well. It will be these markets that prove to be the fastest growing corridors for the country's long term import growth," said Evans.
