Saudi Press

Saudi Arabia and the world
Tuesday, Mar 19, 2024

UAE An Exception In Global Trade, Economy: Mohammed Bin Rashid

UAE An Exception In Global Trade, Economy: Mohammed Bin Rashid

The UAE's foreign non-oil trade created another record in the first nine months of 2022, totalling over AED1.6 trillion, a rise of 19 percent compared to the same period in 2021.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, said that despite the predictions of the World Trade Organisation (WTO) of a 3.5 percent decline in international trade this year, the UAE achieved a growth of 19 percent in the first nine months of the year.

He also expects the country's foreign trade to grow to AED2.2 trillion by end of 2022.

“The UAE is an exception in global trade and economy, as well as in services, infrastructure and international relations,” he said, expressing optimism for a strong new year.

A report by the Ministry of Economy on the country's non-oil foreign trade for the first nine months of this year showed that non-oil exports maintained their strong performance during this period, amounting to AED275 billion, an increase of nine percent compared to the same period in 2021, and an increase of 43 percent, 53 percent, 73 percent and 99 percent compared to the same period in 2020, 2019, 2018, and 2017, respectively.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said that the outcomes achieved by the country's non-oil foreign trade confirm the success of the commercial and economic policies adopted by the UAE, guided by the forward-looking vision of its leadership.

He also noted that the economic developments that took place under the framework of the Projects of the 50 have strengthened the country's foreign trade performance, due to accelerating the pace of signings of trade agreements and growing partnerships with global markets, adding that the strategic location of the UAE as a logistics gateway allows access to the region's markets, which have also supported this process.

“Today, we are seeing a new achievement to be added to the country's foreign trade sector, boosting its prominent stature on the world trade map,” Al Zeyoudi further added.

Emirati re-export, import indexes

Trade data for the first nine months of 2022 showed that the total value of re-exports was AED456 billion, an increase of 19 percent compared to the same period in 2021, and 54 percent compared to the same period in 2020 while imports exceeded AED906 billion, an increase of 22.2 percent compared to the same period in 2021.

The report also noted that the re-exportation of goods helped achieve positive results that strengthened the UAE's stature on the world trade map, as it is one of the most important commercial centres that support the flow of goods to and from international markets.

Monthly performance of Emirati non-oil trade

The monthly performance of the UAE's non-oil foreign trade sector is witnessing strong growth this year, and the country recorded a value of AED202.9 billion in March, and AED204.2 billion in September. The UAE's non-oil trade could reach a value of AED2.2 trillion in 2022 and 2023.

Quarterly performance of Emirati non-oil trade

Non-oil foreign trade achieved over AED583 billion during the third quarter of 2022, an increase of 11 percent compared to the second quarter of this year, and an increase of 23 percent compared to the third quarter of 2021.

In the third quarter of 2022, Emirati exports continued their positive performance to achieve nearly AED100 billion, an increase of 11 percent compared to the second quarter of this year, and a rise of 12 percent compared to the third quarter of 2021.

Re-exports in the UAE amounted to AED160 billion, an increase of six percent compared to the second quarter of 2022, and an increase of 17 percent compared to the third quarter of 2021.

The UAE's imports amounted to AED326 billion, an increase of 13 percent compared to the second quarter of 2022, and an increase of 29 percent compared to the third quarter of 2021.

Trade partners

The report highlighted the fact that China is on top of the list of the UAE's trading partners, followed by India, Saudi Arabia, the United States (US), Iraq, and Türkiye.

They were followed by India, Saudi Arabia, Switzerland, Turkey, Hong Kong – China, and Oman as the top recipients of the UAE's non-oil exports during the first nine months of 2022.

As for the UAE's imports, China, India, the US, Japan, Türkiye, and the Kingdom of Saudi Arabia come at the top of this list.

The report pointed out that non-Arab Asian countries are the main and first partners in the non-oil trade of the UAE during the first nine months of 2022, which account for 39 percent of the country's non-oil trade, 38 percent of its exports, 29 percent of re-exports, and 44.4 percent of the UAE non-oil imports.

While the European countries came in second place, they were followed by the Gulf Cooperation Council (GCC) countries, the non-Arab African countries, the other Arab countries, and the group of American countries.

UAE-India trade exchange under CEPA

As the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and India came into force from May to September 2022, mutual trade exchange reached AED79 billion, an increase of 23 percent compared to the same period in 2021, an increase of 133 percent compared to 2020.

Non-oil exports to India amounted to about AED20 billion, an increase of 12 percent compared to the same period in 2021, and over 154 percent and 112 percent compared to the same period in 2020 and 2019, respectively.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Reports in Gaza: 5 dead from the impact of aid packages dropped by the USA
Apple warns against drying iPhones with rice
China Criticizes US for Vetoing UN Ceasefire Resolution in Gaza
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
The U.S. vetoed a U.N. Security Council resolution calling for a temporary ceasefire in Gaza, instead proposing its own six-week ceasefire plan contingent upon the release of all hostages held by Hamas
Prince William Urges End to Gaza Conflict
Saudi Arabia ranks first in UN index for e-government services in MENA
Israel has gone ‘beyond self-defence’ in Gaza, says Labour’s Streeting
EU Calls for Immediate Ceasefire in Gaza Conflict
Israel Records 20% Drop In GDP, War In Gaza Is The Reason
Saudi Arabia's FDI Inflows Grow with New International Standards
Venture Capitals Power Up Across MENA Region
Saudi Arabia Introduces Terms for 30-Year Income Tax Exemption for Multinational Companies
Saudi FM: Establishing Palestinian state is only pathway for Mideast stability
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
Elon Musk's Starlink Gets License For Israel, Parts Of Gaza
Influencers Exploit X Platform for Profit Amidst Israel-Gaza Conflict
PM Modi Announces Opening Of New CBSE Office In Dubai
International Criminal Court's Chief "Deeply Concerned" By Rafah Bombing
January Funding for MENA Startups Totals $86.5 Million
Saudi Arabia accelerates digital economy growth through Nvidia partnership
Indian female military officers commend Saudi Arabia's progress and women's empowerment
Israel unveils tunnels underneath Gaza City headquarters of UN agency for Palestinian refugees
Israel deploys new military AI in Gaza war
Egypt threatens to suspend key peace treaty if Israel pushes into Gaza border town, officials say
Israel Utilizes AI Military Technology in Gaza Conflict
Saudi Arabia Warns Of A "Humanitarian Catastrophe" If Israel Moves On Rafah
China Warns Iran to Halt Houthi Attacks or Damage Trade Ties
US University To Shut Qatar Campus Due To "Heightened Mideast Instability"
Iran-backed hackers interrupt UAE TV streaming services with deepfake news
Facebook and Instagram Ban Iran's Supreme Leader
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
U.S. Secretary of State Blinken: The Israelis underwent dehumanization on 7.10, this does not give them the right to do this to others.
Defense Technology Showcase Held in Riyadh
Saudi Arabia’s non-oil exports rise 2.5% to $6bn in November 2023: GASTAT
UK Bans Misleading "Zero Emissions" Claims for Electric Cars
Gaza's Teen Inventor Sparks Light in Displacement
Netanyahu Rejects Ceasefire Proposal, Insists On Total Victory Over Hamas
Guterres appoints independent UNRWA review panel
Private Sector Employment Hits Record High with Over 11 Million Employees in January
Rolls-Royce Executive Encourages Saudi Women to Tap into Their Inner 'Superhero' for Success in Defense Industry
Saudi Arabia launches National Academy of Vehicles and Cars
Saudi Tourism Minister Reveals Plan for 250,000 New Hotel Rooms by 2030
SAR to more than double eastern network passenger capacity with new trains deal
Saudi Arabia Enhances National Defense with New Partnerships
Saudi Aramco Maintains Arab Light Crude Pricing to Asia for March
NEOM Establishes New York Office to Support Investors
Saudi Wealth Fund Draws in Over $25 Billion Worth of Investments in Three Years, Al-Rumayyan Reveals
ZATCA Cautions Against Scammer Schemes
INTRA Defense Technologies inaugurates drone factory in Riyadh
×