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Friday, June 14, 2024

UAE Reports $341B Non-Oil Trade with G20 Countries

Dr. Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, highlighted the strengthening trade and investment ties between the UAE and G20 countries. In 2022, non-oil trade reached $341 billion, accounting for 55% of the UAE’s total non-oil trade.

This represented a 21% increase from 2021, with significant growth of 56% and 34% from 2020 and 2019, respectively. G20 nations are the UAE’s largest trading partners, contributing to 43% of non-oil exports, 39% of re-exports, and 67% of imports.

Al Zeyoudi emphasized the UAE’s commitment to open and free trade, positioning it as a major player in the global economy, actively fostering global ties. Non-oil trade with G20 countries continued to rise in the first half of 2023, reaching $181.9 billion, a 14.4% increase from the same period in 2022.

Non-oil exports to G20 countries grew by 10.6%, reaching $23.4 billion, while re-exports increased by 14% to $38 billion, and imports rose by 15.2% to $120.5 billion.

The UAE’s investment relations with G20 nations have flourished, with Emirati investments exceeding $215 billion in these countries by the end of 2021, representing 92.5% of all UAE investments globally. Additionally, G20 countries’ investments in the UAE totaled more than $74.2 billion, constituting 43.3% of all foreign direct investment (FDI) in the UAE.

The minister emphasized the UAE’s invitation to the G20 Summit as recognition of its status as a major economic player, highlighting its role as a gateway for the flow of goods and services and its commitment to equitable access to the global trading system for Global South nations.

Al Zeyoudi stressed the importance of cross-border cooperation for building resilience in global value chains and encouraging diversification of import sources, especially for critical sectors.

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