The total value of UAE’s non-oil trade over the past 50 years stood at Dhs18.3 trillion ($5 trillion), including Dhs11.8 trillion in imports, Dhs2.2 trillion in non-oil exports, and Dhs4.3 trillion in re-exports, according to the Federal Competitiveness and Statistics Centre (FCSC).

The contribution of non-oil exports and re-exports to the UAE’s total non-oil foreign trade grew from 24 per cent in 1999, to 36 per cent in 2010, and 43 per cent and 44 per cent in 2019 and 2020 respectively, indicating a significant growth in the UAE’s non-oil foreign trade.

In terms of value, over the past ten years imports grew by 5.8 per cent on average, non-oil exports by 13.3 per cent and re-exports by 9.6 per cent, bringing the total value of the UAE’s non-oil foreign trade in 2020 to Dhs1.4 trillion ($382 billion). In comparison, UAE’s total non-oil foreign trade in 1971 stood at Dhs1.1 billion, in 1991 at Dhs69.2 billion, and in 2011 at Dhs927.6 billion.

Meanwhile the total value of the UAE’s foreign trade in the past five decades amounted to some $9.32 trillion (Dhs34.23 trillion), according to the United Nations Conference on Trade and Development (UNCTAD).

Additionally, the country’s trade balance from 1971 to 2020 recorded a surplus of nearly $1.3 trillion (Dhs4.76 trillion). The UNCTAD’s figures also reported that the value of UAE’s foreign trade increased 473 times from $1.15 billion (Dhs4.2 billion) in 1971 to $542.02 billion (Dhs2 trillion) by the end of 2020.

The cumulative balance of foreign direct investments (FDI) into the country rose from $7.8 million (Dhs28 million) in 1971 to some $20 billion (Dhs73.46 billion) by the end of 2020.

The UAE’s foreign trade over the five decades varied between exports by 57 per cent worth $5.3 trillion (Dhs19.5 trillion) and imports by 43 per cent, worth $4.01 trillion (Dhs14.7 trillion).

UAE’s exports increased 380 times, rising from $842 million (Dhs3.1 billion) in 1971 to $319.3 billion (Dhs1.17 trillion) by the end 2020, while imports rose 730 times from $309 million (Dhs1.13 billion) to $225.7 billion (Dhs828 billion) at the end of 2020.

According to the figures, the value of foreign trade increased 28 times by the end of the first decade, after the formation of the UAE, to $32 billion (Dhs117.5 billion), and nearly 33 times by the end of 1991 to $38.2 billion (Dhs140 billion), and nearly 74 times by the start of the 2000s to $85.7 billion (Dhs315 billion), and 462 times by the end of the fourth decade to $532 billion (Dhs1.9 trillion).

The year 2019 was the best year, in terms of the value of foreign trade, totalling $657.3 billion (Dhs2.4 trillion), followed by 2018 with $649.4 billion (Dhs2.38 trillion), and 2013 with $644.8 billion (Dhs2.3 trillion).

In 2014, the country’s trade was worth $619 billion (Dhs2.27 trillion), and in 2012 it reached $616 billion (Dhs2.26 trillion).

OFID loan agreement: The Opec Fund for International Development (OFID) has signed an $80 million loan agreement with the African Export-Import Bank (Afreximbank) to finance international trade directly among corporates or through financial intermediaries.

The Opec Fund’s support will assist in boosting Afreximbank’s liquidity to grow its loan portfolio as it finances exports and imports in critical sectors such as agriculture, manufacturing and healthcare.

The Opec Fund’s loan will address trade challenges impacted by the COVID-19 pandemic. Opec Fund Director-General, Abdulhamid Alkhalifa, said, “As a catalyst for economic development and growth, international trade is key to support Africa’s post-COVID-19 recovery. We are pleased to cooperate with Afreximbank and to support their key initiative to make trade finance more accessible to African counterparties across the continent by reducing liquidity constraints.”

WAM