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In the first half of 2022, trade between the UAE and Saudi Arabia, one of the UAE’s top three trading partners, totalled AED65.7 billion ($17.88 billion), official data showed.
The UAE and Saudi Arabia are the two largest economies in the Arab world with close economic and trade ties.
Saudi Arabia is the UAE’s fourth-largest trading partner between 2012 and 2021, with a total trade value of Dh904.3 billion, or 5.6 percent of the UAE’s total international trade, state news agency Wam reported on Thursday, citing data from the Federal News Agency. Competitiveness and Statistics Centre (FCSC).
Non-oil foreign trade between the two countries has grown by 92.5% over the past decade, reaching AED124.69 billion in 2021, compared to AED64.79 billion in 2012.
The FCSC said the UAE’s non-oil exports to Saudi Arabia over the past 10 years were worth about AED205.5 billion, while re-exports were worth AED471.7 billion and imports were worth AED227 billion.
Saudi Arabia topped the UAE’s list of re-export destinations over the past 10 years, with revenues approaching AED423 billion. The kingdom also ranks second in the list of countries receiving non-oil exports from the UAE, with revenues worth AED206 billion, or 9.5% of the UAE’s total non-oil exports.
Even after the economic slowdown caused by the coronavirus, both economies are growing rapidly and bilateral trade is growing.
Saudi Arabia’s economy will grow at its fastest pace in a decade and is likely to become one of the fastest in the world this year, the International Monetary Fund said.
The International Monetary Fund reported that it is expected to grow by 7.6% this year, following growth of 3.2% in 2021.
kingdom economy Growth of 12.2% in the second quarter, more than Preliminary estimates Gasstat data earlier this month showed its expansion at its fastest pace in more than a decade as oil prices rose.
The UAE’s economy grew by 8.4% in the first quarter of this year, beating the UAE Central Bank’s original estimate of 8.2%, as higher oil prices and successful Covid-19 mitigation measures made it possible since 2011.
In 2021, petroleum and petroleum derived from bituminous minerals topped the list of commodities imported by the UAE from Saudi Arabia with a value of over AED5 billion, followed by ethylene polymers in primary form with a value of AED3.35 billion, and Unprocessed, semi-processed or powdered ethylene polymers. Gold worth 8.7 billion dirhams.
Gold was the top commodity exported by Saudi Arabia with a value of AED 10.9 billion, followed by wires with a value of AED 3.11 billion.
Telephone equipment, including those for cellular and other wireless networks, tops the list of goods re-exported to Saudi Arabia in 2021, worth AED 11.58 billion, followed by machines and their units for information self-processing , magnetic or optical readers, and machines that transmit information on the stand in the form of codes, worth AED 6.12 billion.
In addition, vehicles worth AED 2.29 billion, auto parts worth AED 2.08 billion and ready-to-wear garments worth AED 1.59 billion contributed to the UAE’s export basket to Saudi Arabia.
Updated: September 22, 2022 at 6:21 pm
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