UAE’s non-oil foreign trade records 27% growth

Advertisement

The value of national non-oil exports amounted to about AED 354 billion, setting a new record…reports Asian Lite News

The total value of the UAE’s non-oil foreign trade in 2021 amounted to nearly AED 1.9 trillion, reflecting a 27 percent growth compared to 2020, and by 11 percent 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 AED 354 billion, setting a new record, exceeding AED 300 billion for the first time in its history, a growth of 33.3 percent as compared to 2020 and 47.3 percent 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 percent 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.”

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, noted that the non-oil foreign trade data recorded in 2021 is a new milestone for this vital sector, which is a major driver of the growth of the national economy and one of the key pillars that support the UAE’s position in the trade and economic landscapes, both regionally and globally.

He added, “Thanks to the support of the wise leadership, the past two years have witnessed good growth rates in trade activities, which are taking a more positive trend today, reflecting the increasing growth in the country’s foreign trade movement in general and the promotion of national non-oil exports in particular, which is still continuing its growing at high rates compared to 2019 and 2020.”

Trade figures for 2021 showed that the total value of re-exports amounted to AED 521.3 billion, achieving a growth of 27.7 percent compared to 2020 and 1.6 percent compared to 2019. Meanwhile, the total value of the country’s imports during 2021 amounted to about AED 1 trillion, a growth of 23.8 percent as compared to 2020, and about 7 percent compared to 2019.

ALSO READ: UAE, Egypt ink deal bolster trade and economic ties

China ranked first as the country’s largest trading partner in 2021, accounting for 11.7 percent of the UAE’s total foreign trade with the world, and the value of non-oil trade exchange between the two countries amounted to AED 212 billion, a growth of 27 percent from 2020 and 19.8 percent from 2019. India ranked second, accounting for 8.7 percent of the country’s total non-oil trade, with a value of AED 164.4 billion, followed by Saudi Arabia in third with a contribution of 6.6 percent and a value of 125 billion during 2021, achieving a growth of 20 percent compared to 2020 and 10.1 percent 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 percent of the country’s total exports, and receiving AED 50 billion of UAE exports, a growth of 150 percent from 2020 and about 100 percent from 2019. KSA became second largest recipient of UAE exports, with a contribution of 10.7 percent. It received AED 38 billion of the country’s exports, achieving a growth of 48 percent compared to 2020 and by 22.4 percent compared to 2019.