This also indicates a 6% growth in the country’s non-oil foreign trade compared to the pre-pandemic level in 2019…reports Asian Lite News
The UAE’s non-oil foreign trade recorded a 27% growth in H1 2021 compared to H1 2020, indicating a rapid recovery in the country’s non-oil foreign trade and its return to growth trajectory. This also indicates a 6% growth in the country’s non-oil foreign trade compared to the pre-pandemic level in 2019.
According to preliminary data released by the Ministry of Economy, the total value of the country’s non-oil foreign trade amounted to nearly AED900 billion in the first half of 2021. The value of non-oil exports alone amounted to AED170 billion during this period, posting a growth of 44% compared to the first half of 2020 and 41% compared to the same period in 2019.
The contribution of non-oil exports to the country’s total non-oil foreign trade during the same period (first half of 2021) grew to 19% from 16.6% in 2020 and 14.2% in 2019.
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said that the non-oil foreign trade data for the first half of 2021 reveals a significant and promising growth in the total volume of trade over the past two years, despite the pandemic’s impact on the global trade movement.
Furthermore, significant growth in non-oil exports is a clear indication of the rapid recovery and the return to the growth trajectory and the overall growth in the country’s foreign trade movement in general and in promoting national non-oil exports particularly.
“These indicators confirm the efficiency of the forward-looking vision and proactive plans implemented by the UAE under the guidance and support of its wise leadership to deal with the pandemic’s impact on the foreign trade sector,” Al Zeyoudi said.
“It shows the country’s success in developing flexible, open and long-term policies to maintain the attractiveness of its trade and business environment. These efforts consolidate the UAE’s position as a leading and competitive trade hub connecting the East and West and a major player in ensuring the continuity and growth of global supply chains.”
“What we see today is a testament to the success of our efforts in this direction. The latest figures confirm the distinguished position of the UAE as a vital regional and global trade hub and an influential player that contributes to reshaping the global trade landscape to make it more flexible and sustainable with the aim of restoring the pace of activity and growth in the post-Covid era,” Al Zeyoudi added.
Al Zeyoudi added that the country’s promising foreign trade figures coincide with the launch of the ‘Projects of 50,’ which was recently announced by the UAE government to contribute to enhancing country’s trade performance during the next stage.
It includes qualitative and strategic initiatives such as comprehensive economic agreements with a number of targeted global markets, and the 10×10 export development program designed to provide an additional incentive to strengthen the UAE’s comprehensive economic and trade partnerships with countries around the world continuously discover new trade markets for the UAE.
He added: “In light of these integrated and pioneering efforts, we expect the country’s non-oil foreign trade to continue its positive performance during the remaining months of the year.”
An analytical study by the Ministry of Economy on the preliminary data of non-oil foreign trade activities revealed that the value of UAE’s gold exports exceeded AED70 billion in H1 2021.
The country’s non-oil trade significantly grew with the five fastest growing economies in the first half of 2021 compared to the same period in 2020. These are China, Saudi Arabia, Iraq, Turkey and Italy. Meanwhile, the country’s top five export destinations during the same comparison period include India, Saudi Arabia, Hong Kong, Kuwait and China. The UAE’s top re-export partners include Saudi Arabia, Iraq and Egypt.