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The UAE’s external non-oil trade hit another record high in the first nine months of 2022, totaling more than AED1.6 trillion (US$435.61 billion), an increase of 19% over 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 World Trade Organization (WTO) forecast that international trade would decline by 3.5% this year, the UAE achieved a 19% Percentage growth for the first nine months of the year.
He also expects the country’s foreign trade to grow to AED2.2 trillion by the end of 2022, Wam news agency reported.
“The UAE is an exception in terms of global trade and economy, as well as 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 in the first nine months of this year showed that non-oil exports remained strong during the period, reaching AED275 billion, up 9 percent from the same period last year. In the same period of 2021, compared with the same period in 2020, 2019, 2018 and 2017, it will increase by 43%, 53%, 73% and 99% respectively.
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said the results achieved in the country’s non-oil foreign trade confirm the success of the UAE’s commercial and economic policies, guided by the forward-looking vision of its leadership.
He also noted that the economic development taking place under the framework of the 50-country project has strengthened the country’s foreign trade performance due to the accelerated pace of signing of trade agreements and growing partnerships with global markets, adding that the strategic location of the UAE as This process is also supported by logistics portals allowing access to markets in the region.
“Today, we see new achievements in the country’s foreign trade sector, raising its prominence on the world trade map,” Al Zeyoudi further added.
UAE re-export and import index
Trade data for the first nine months of 2022 showed that re-exports were worth AED456 billion, up 19% compared to the same period in 2021 and 54% compared to the same period in 2020, while imports exceeded AED906 billion Mu, an increase of 22.2% over the same period in 2021.
The report also noted that the re-export of goods contributed to the positive outcome, strengthening the UAE’s position on the world trade map as one of the most important business centers supporting the movement of goods into and out of international markets.
quarterly results
Non-oil foreign trade in the third quarter of 2022 exceeded AED 583 billion, an increase of 11% over the second quarter of this year and 23% over the third quarter of 2021.
In the third quarter of 2022, UAE exports continued their positive performance, reaching almost AED100 billion, an increase of 11% compared to the second quarter of this year and 12% compared to the third quarter of 2021.
The UAE’s re-exports amounted to AED160 billion, a 6% increase over the second quarter of 2022 and a 17% increase over the third quarter of 2021.
Imports into the UAE amounted to AED326 billion, an increase of 13% over the second quarter of 2022 and 29% over the third quarter of 2021.
Business partner
The report highlighted the fact that China tops the UAE’s list of trading partners, followed by India, Saudi Arabia, the US, Iraq and Turkey.
India, Saudi Arabia, Switzerland, Turkey, Hong Kong and Oman are the largest recipients of the UAE’s non-oil exports in the first nine months of 2022.
As for UAE imports, China, India, the US, Japan, Turkey and Saudi Arabia topped the list.
The report states that non-Arab Asian countries are the main and number one partner in the UAE’s non-oil trade in the first nine months of 2022, accounting for 39 percent of the country’s non-oil trade and 38 percent of the UAE’s non-oil trade. Exports, 29 percent of re-exports, and 44.4 percent of the UAE’s non-oil imports.
European countries came in second, followed by Gulf Cooperation Council (GCC) countries, non-Arab African countries, other Arab countries and the Group of American States.
UAE-India trade exchange under CEPA
With the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and India coming into effect from May to September 2022, mutual trade flows reached AED79 billion, an increase of 23% over the same period in 2021 and an increase of 133% over the same period in 2021. %. 2020.
Non-oil exports to India amounted to about AED20 billion, an increase of 12% over the same period in 2021, 154% and 112% over the same period in 2020 and 2019, respectively.
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