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Friday, Feb 03, 2023

UAE An Exception In Global Trade, Economy: Mohammed Bin Rashid

UAE An Exception In Global Trade, Economy: Mohammed Bin Rashid

The UAE's foreign non-oil trade created another record in the first nine months of 2022, totalling over AED1.6 trillion, a rise of 19 percent compared to 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 predictions of the World Trade Organisation (WTO) of a 3.5 percent decline in international trade this year, the UAE achieved a growth of 19 percent in the first nine months of the year.

He also expects the country's foreign trade to grow to AED2.2 trillion by end of 2022.

“The UAE is an exception in global trade and economy, as well as in 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 for the first nine months of this year showed that non-oil exports maintained their strong performance during this period, amounting to AED275 billion, an increase of nine percent compared to the same period in 2021, and an increase of 43 percent, 53 percent, 73 percent and 99 percent compared to the same period in 2020, 2019, 2018, and 2017, respectively.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said that the outcomes achieved by the country's non-oil foreign trade confirm the success of the commercial and economic policies adopted by the UAE, guided by the forward-looking vision of its leadership.

He also noted that the economic developments that took place under the framework of the Projects of the 50 have strengthened the country's foreign trade performance, due to accelerating the pace of signings of trade agreements and growing partnerships with global markets, adding that the strategic location of the UAE as a logistics gateway allows access to the region's markets, which have also supported this process.

“Today, we are seeing a new achievement to be added to the country's foreign trade sector, boosting its prominent stature on the world trade map,” Al Zeyoudi further added.

Emirati re-export, import indexes

Trade data for the first nine months of 2022 showed that the total value of re-exports was AED456 billion, an increase of 19 percent compared to the same period in 2021, and 54 percent compared to the same period in 2020 while imports exceeded AED906 billion, an increase of 22.2 percent compared to the same period in 2021.

The report also noted that the re-exportation of goods helped achieve positive results that strengthened the UAE's stature on the world trade map, as it is one of the most important commercial centres that support the flow of goods to and from international markets.

Monthly performance of Emirati non-oil trade

The monthly performance of the UAE's non-oil foreign trade sector is witnessing strong growth this year, and the country recorded a value of AED202.9 billion in March, and AED204.2 billion in September. The UAE's non-oil trade could reach a value of AED2.2 trillion in 2022 and 2023.

Quarterly performance of Emirati non-oil trade

Non-oil foreign trade achieved over AED583 billion during the third quarter of 2022, an increase of 11 percent compared to the second quarter of this year, and an increase of 23 percent compared to the third quarter of 2021.

In the third quarter of 2022, Emirati exports continued their positive performance to achieve nearly AED100 billion, an increase of 11 percent compared to the second quarter of this year, and a rise of 12 percent compared to the third quarter of 2021.

Re-exports in the UAE amounted to AED160 billion, an increase of six percent compared to the second quarter of 2022, and an increase of 17 percent compared to the third quarter of 2021.

The UAE's imports amounted to AED326 billion, an increase of 13 percent compared to the second quarter of 2022, and an increase of 29 percent compared to the third quarter of 2021.

Trade partners

The report highlighted the fact that China is on top of the list of the UAE's trading partners, followed by India, Saudi Arabia, the United States (US), Iraq, and Türkiye.

They were followed by India, Saudi Arabia, Switzerland, Turkey, Hong Kong – China, and Oman as the top recipients of the UAE's non-oil exports during the first nine months of 2022.

As for the UAE's imports, China, India, the US, Japan, Türkiye, and the Kingdom of Saudi Arabia come at the top of this list.

The report pointed out that non-Arab Asian countries are the main and first partners in the non-oil trade of the UAE during the first nine months of 2022, which account for 39 percent of the country's non-oil trade, 38 percent of its exports, 29 percent of re-exports, and 44.4 percent of the UAE non-oil imports.

While the European countries came in second place, they were followed by the Gulf Cooperation Council (GCC) countries, the non-Arab African countries, the other Arab countries, and the group of American countries.

UAE-India trade exchange under CEPA

As the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and India came into force from May to September 2022, mutual trade exchange reached AED79 billion, an increase of 23 percent compared to the same period in 2021, an increase of 133 percent compared to 2020.

Non-oil exports to India amounted to about AED20 billion, an increase of 12 percent compared to the same period in 2021, and over 154 percent and 112 percent compared to the same period in 2020 and 2019, respectively.
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