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China, UAE to be India’s top export markets: HSBC
September 17, 2014, 10:33 am

 

By 2030, China and India will be the top buyers of UAE’s petroleum products, says HSBC [Xinhua]

By 2030, China and India will be the top buyers of UAE’s petroleum products, says HSBC [Xinhua]

China and UAE ARE emerging as India’s main export markets, says a new HSBC report on Wednesday.

“Indian exports to the UAE will grow rapidly due to the country’s role as a trading hub. Our forecast suggests that by 2030, the US is likely to slip into third position, with UAE and China emerging as India’s main export markets,” the report said.

HSBC’s India Trade Forecast Report said by 2030, China and India will be the top buyers of UAE’s petroleum products, comprising 40 per cent of total export growth. China and India are Asia’s largest and third largest oil consumers respectively.

India’s oil demand has shown steady growth through July at an average of 3 per cent, or 101,000 barrels a day. China’s oil demand has declined at an average of 0.6 per cent, or 62,000 barrel a day, in the same period, says Barclays.

“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 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.

India has fallen behind China and the US in the list of UAE’s top trade partners as trade between the UAE and India plummeted 21 per cent during the 2013-14 financial year after India increased its gold import tax by five times.

The decreased trade saw India lose its position as the UAE’s top trading partner, which it had held for the past several years.

Wednesday’s HSBC Trade Forecast report said India would soon return to the top.

India’s rising middle-class is expected to create a larger demand for consumer goods from abroad, strengthening ties with its links to major oil producer, UAE, said the HSBC report on Wednesday.

 

Source: Agencies

4 Responses to China, UAE to be India’s top export markets: HSBC

  1. Hong Konger Reply

    September 17, 2014 at 5:19 pm

    What a load of propaganda! If you believe HSBC then you also believe in the tooth fairy! HSBC’s biggest business is laundering for terrorists, drug cartels and Child and Human Trafficking. They know all about that!
    Soon, this year or next, their dirty laundry is going to be shown to the world and heads will roll as they get shut down and have to pay out billions in compensation to families whose children were kidnapped and sold into paedophilia and satanistic murder.
    Follow the money, it all leads back to HSBC.

  2. Judynz Reply

    September 18, 2014 at 12:01 am

    Despite what we know about free energy IT SOUNDS LIKE OIL is still No.1 SOUNDS A BIT FISHY TO ME.

  3. mulugeta Ayalew Reply

    December 5, 2014 at 12:14 pm

    DEAR FINDERS I LOOKING FOR WHO IMPORT MARKET ETHIOPIAN PRODUCT

    A ONE INVEST JOINTLY WITH ETHIOPIAN BUSHINESS IN ANY SECTOR

  4. mulugeta Ayalew Reply

    December 5, 2014 at 12:14 pm

    THANK YOU

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