UAE non-oil trade over 10 years totals Dhs16.14 trillion: Minister

Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, announced that the UAE’s non-oil trade over 10 years totalled Dhs16.14 trillion.

In an interview with the Emirates News Agency (WAM), he stressed that the country’s growth has returned to pre-pandemic levels.

“We work according to the plans of the UAE’s leadership to double national exports, foreign trade and economic growth,” Al Zeyoudi said, highlighting the fact that the UAE aims to increase the level of investment coming to the country to Dhs1 trillion within nine years, an increase of Dhs550 billion.

He then noted that many initiatives are being implemented to encourage exports and cooperation with business leaders, continue data transfer to ensure easy access to local market information, draft strategies for the services sector, and attract skills and talents to boost local efforts and achieve the integration of expertise.

Presenting the country’s foreign non-oil trade figures for 2012-2021, he stated that the total UAE’s non-oil exports exceeded Dhs2.154 trillion, an annual growth rate of 12 per cent, and added that the value of re-exports is close to Dhs4.5 trillion, an annual growth rate of 4.9 per cent.

The UAE’s total imports during the same period accounted for Dhs9.5 trillion, an annual growth rate of 2.5 per cent. Moreover, the contribution of the UAE’s non-oil exports to the country’s foreign trade surged from 12 per cent in 2012 to 19 per cent in 2021, an average growth in non-oil exports that reached three times the average growth of the UAE’s total non-oil trade.

Non-oil foreign trade in 2021: A recent figures showed that the total value of the UAE’s non-oil foreign trade in 2021 amounted to nearly Dhs1.9 trillion, reflecting a 27 per cent growth compared to 2020, and by 11 per cent compared to 2019, as the growth was consistent across all areas of trade, including exports, imports and re-exports.

The individual non-oil foreign trade figures of all emirates of the country also witnessed growth in varying levels, evidencing the comprehensive growth achieved by the UAE’s global trade.

The value of national non-oil exports amounted to about Dhs354 billion, setting a new record, exceeding Dhs300 billion for the first time in its history, a growth of 33.3 per cent as compared to 2020 and 47.3 per cent as compared to 2019.

Abdulla Bin Touq Al Marri, Minister of Economy, affirmed that the country’s non-oil foreign trade performance once again proves that the UAE, thanks to the support and directives of its wise leadership, is among the most vibrant trade and business hubs regionally, and the leading trade routes globally. He added that the comprehensive growth in the country’s trade is a result of the forward-looking vision of the UAE’s wise leadership and proactive government policies to enhance the country’s commercial attractiveness and diversify and expand its trade partnerships with global markets.

He added, “The UAE’s foreign trade has by far passed the stage of recovery from the COVID-19 fallout on a global scale and has entered an advanced stage of growth and prosperity, as it saw over 11 per cent growth compared to the pre-pandemic stage. The all-encompassing positive results seen across import, export and re-export activities in all the emirates indicate a systematic and integrated growth powered by flexible and highly efficient trade policies and foundations for sustainable development.”

Trade figures for 2021 showed that the total value of re-exports amounted to Dhs521.3 billion, achieving a growth of 27.7 per cent compared to 2020 and 1.6 per cent compared to 2019.

Meanwhile, the total value of the country’s imports during 2021 amounted to about Dhs1 trillion, a growth of 23.8 per cent as compared to 2020, and about 7 per cent compared to 2019.

China ranked first as the country’s largest trading partner in 2021, accounting for 11.7 per cent of the UAE’s total foreign trade with the world, and the value of non-oil trade exchange between the two countries amounted to Dhs212 billion, a growth of 27 per cent from 2020 and 19.8 percent from 2019.

India ranked second, accounting for 8.7 per cent of the country’s total non-oil trade, with a value of Dhs164.4 billion, followed by Saudi Arabia in third with a contribution of 6.6 per cent and a value of Dhs125 billion during 2021, achieving a growth of 20 per cent compared to 2020 and 10.1 per cent compared to 2019.

The United States of America came in fourth, as its trade exchange with the UAE has grown by 8.1 percent compared to 2020, while Iraq ranked fifth.

About the country’s export destinations, India emerged as the top destination, accounting for 13.8 per cent of the country’s total exports, and receiving Dhs50 billion of UAE exports, a growth of 150 per cent from 2020 and about 100 per cent from 2019.

WAM