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Sheikh Mohammed bin Rashid Al Maktoum said the UAE’s non-oil trade broke through in the first half of 2022, surpassing AED 1 trillion ($272 billion), and it will reach 1 trillion dirhams ($272 billion) in the first half of 2021 Achieved 17% growth in half a year, Vice President, Prime Minister and Ruler of Dubai.
“The UAE’s non-oil foreign trade surpassed AED1 trillion for the first time in just half a year. We reached AED1 trillion and AED53 billion, up 17 percent from the first half,” Sheikh Mohammed said in the Wam report middle.
“Our economic growth is gradual, our trading environment and infrastructure are the best, and our economic approach is stable, fair and open to all… Our economic growth will continue at a strong pace in the coming year.”
Compared with the same period in 2020 and 2019, the UAE’s non-oil foreign trade growth in the first half of the year was 25% and 35% respectively.
These figures reaffirm the success of the UAE’s strategic direction and vision in accelerating a full recovery after overcoming the negative impact of the Covid-19 pandemic on the spread of international trade.
Economy Minister Abdullah bin Touq Al Marri said the UAE is continuously working to strengthen its regional and global leadership and its centrality in global trade networks by adopting business and economic opening and strengthening its infrastructure and legislative framework.
Bin Touq added that the result marks the beginning of a phase of economic development unprecedented in the country’s history, the result of a comprehensive effort and initiatives announced by the UAE government as part of the “50 Years Project”.
Dr. Sani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said: “The unprecedented performance of non-oil foreign trade can be attributed to the forward-looking vision of the wise leadership aimed at expanding the UAE’s trade and trade relations. The world stands shoulder to shoulder and positions it as a major contributor to doubling the national economy by 2030.”
Al Zeyoudi also explained that this achievement is the result of forward-looking plans and various initiatives undertaken by the UAE to develop and diversify exports, which have had a significant impact on achieving record growth in trade performance in just six months.
In the first half of 2022, non-oil exports from the UAE reached around AED180 billion for the first time in its history. 8% YoY in 2021, 53% YoY in the first half of 2020, 50% YoY in 2019, and 69% YoY in 2018. It almost doubled compared to the same period in 2017.
In terms of re-exports, the UAE achieved unprecedented success in the first half of 2022. It is approaching the Dh300 billion mark for the first time in its history. The results show a higher growth rate compared to previous years, with increases of 20%, 51%, 16% and 23% compared to the same period in 2021, 2020, 2019 and 2018, respectively.
In addition, the UAE’s imports reached the AED580 billion mark in the first half of 2022 for the first time in its history. This is a 19% increase compared to the same period in 2021, a 49% increase compared to the same period in 2020, a 24% increase compared to the first half of 2019, and a 25% increase compared to the same period in 2018.
On the other hand, the share of UAE non-oil trade imports has fallen to 55%, while the share of non-oil exports is 17%. In addition, the share of re-exports reached 28%.
These results show that national exports have achieved substantial growth and significant dynamism, increasing their contribution to national non-oil trade.
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