Due to increased production and imports after an anticipated excellent monsoon in India, prices of numerous commodities and food products in the UAE are predicted to decline in the upcoming months.
India is a significant supplier of grains, rice, wheat, spices, pulses, and other goods to the United Arab Emirates. Following the signing of the Comprehensive Economic Partnership Agreement, trade in these items has significantly expanded (CEPA).
Last Monday, the private weather forecasting company Skymet predicted that India would experience a typical monsoon in 2024 with no El Nino effects. In the south, west, and northwest of India, “sufficiently good rains” are predicted. Because of their agricultural solid industries, Punjab, Rajasthan, Uttar Pradesh, and Haryana are referred to as North India’s “farm bowl.
Only a few days before Eid Al Fitr, India permitted the export of an additional 10,000 tonnes of onions to the UAE. After India enforced the embargo last year, onion prices skyrocketed, going from as low as Dh2–3 per kg to above Dh8 per kg.
The Indian government has approved exports to the United Arab Emirates and other important trading partners because to the exceptional quality of the new harvest, according to Dr. Dhananjay Datar, chairman and managing director of Adil Group of Supermarkets.
Also Read:
Rough Decline in Indian Rupee Leads to Spike in NRI Remittances
