The total value of the UAE’s non-oil foreign trade climbed 27% year-on-year to $517.27bn (AED1.9tn) in 2021, showcasing consistent growth across all areas of trade, including exports, imports, and re-exports

The total value of the UAE’s non-oil foreign trade climbed 27% year-on-year to $517.27bn (AED1.9tn) in 2021 – marking a 11% increase compared to 2019 – showcasing consistent growth across all areas of trade, including exports, imports, and re-exports.

The individual non-oil foreign trade figures of all the emirates within the nation also witnessed growth in varying levels, evidencing the comprehensive growth achieved by the UAE’s global trade, according to state-run news agency Wam.

The value of national non-oil exports reached approximately $96.37bn (AED354bn), setting a new record – exceeding $81.67bn (AED300bn) for the first time in its history, marking a 33.3% growth compared to 2020 and a 47.3% compared to 2019.

Trade figures for 2021 showed that the total value of re-exports amounted to $141.92bn (AED521.3bn), achieving a growth of 27.7% compared to 2020 and 1.6% compared to 2019.

Meanwhile, the total value of the country’s imports during 2021 amounted to approximately $272.24bn (AED1tn), marking a growth of 23.8% compared to 2020, and approximately 7% compared to 2019.

Reactions to UAE’s non-oil foreign trade figures

The UAE Minister of Economy, Abdulla Bin Touq Al Marri, affirmed that the country’s non-oil foreign trade performance once again proves that the UAE, thanks to the support and directives of its wise leadership, is among the most vibrant trade and business hubs regionally, and the leading trade routes globally.

He added that the comprehensive growth in the country’s trade is a result of the forward-looking vision of the UAE’s wise leadership and proactive government policies to enhance the country’s commercial attractiveness and diversify and expand its trade partnerships with global markets.

Al Marri added: “The UAE’s foreign trade has by far passed the stage of recovery from the COVID-19 fallout on a global scale and has entered an advanced stage of growth and prosperity, as it saw over 11 percent growth compared to the pre-pandemic stage.

“The all-encompassing positive results seen across import, export and re-export activities in all the emirates indicate a systematic and integrated growth powered by flexible and highly efficient trade policies and foundations for sustainable development.”

The Minister of State for Foreign Trade, Dr Thani bin Ahmed Al Zeyoudi, noted that the non-oil foreign trade data recorded in 2021 is a new milestone for this vital sector, which is a major driver of the growth of the national economy and one of the key pillars that support the UAE’s position in the trade and economic landscapes, both regionally and globally.

Al Zeyoudi added: “Thanks to the support of the wise leadership, the past two years have witnessed good growth rates in trade activities, which are taking a more positive trend today, reflecting the increasing growth in the country’s foreign trade movement in general and the promotion of national non-oil exports in particular, which is still continuing its growing at high rates, compared to 2019 and 2020.”

“These results are driven by the launch of the Projects of the 50 and the continuous efforts being made to enhance the UAE’s position on the international trade map and ensure an attractive, vibrant trade environment that is open to the world and linked to a strong and diverse network of global supply chains.

Al Zeyoudi said: “These efforts have laid solid foundations to sustain the growth of the country’s foreign trade over the coming years. There is no doubt that these results will further enhance confidence among UAE-based business owners and those working in economic and commercial fields in , as well as trading partners from around the world, in the importance of the UAE as a capital of trade. They also highlight the UAE’s capabilities and the opportunities it offers to ensure that commercial activities and businesses thrive.”

The UAE’s top non-oil trading partners

China ranked first as the country’s largest trading partner in 2021, accounting for 11.7% of the UAE’s total foreign trade with the world, and the value of non-oil trade exchange between the two countries amounted to $57.21bn (AED212bn), a growth of 27% from 2020 and 19.8% from 2019.

India ranked second, accounting for 8.7% of the country’s total non-oil trade, with a value of $44.75bn (AED164.4bn), followed by Saudi Arabia in third with a contribution of 6.6% and a value of $34bn (AED125bn) during 2021, achieving a growth of 20% compared to 2020 and 10.1% compared to 2019.

The United States of America came in fourth, as its trade exchange with the Emirates has grown by 8.1% compared to 2020, while Iraq ranked fifth.

About the country’s export destinations, India emerged as the top destination, accounting for 13.8% of the country’s total exports, and receiving $13.6bn (AED50bn) of UAE exports, a growth of 150% from 2020 and about 100% from 2019.

KSA became second largest recipient of UAE exports, with a contribution of 10.7%. It received $10.34bn (AED38bn) of the country’s exports, achieving a growth of 48% compared to 2020 and by 22.4% compared to 2019.

SOURCE: arabianbusiness.com