Farouq Faiyad, Staff Reporter / Agencies

The UAE’s non-oil foreign trade exchanges with the five BRICS countries (Brazil, Russian Federation, India, China and South Africa) amounted to about Dhs555 billion, constituting 25 per cent of the UAE’s total non-oil trade for the past year. The total non-oil trade exceeded Dhs2.23 trillion in 2022.

According to recent data from the Ministry of Economy, the UAE’s total imports from the five countries amounted to about Dhs407 billion, posing 73.3 per cent of the country’s total trade with the BRICS’s members. While the value of re-exports reached Dhs91 billion, posing about 16.4 per cent of the total trade, with exports exceeded Dhs57 billion, accounting for 10.2 per cent.

China is the largest trading partner among the members of BRICS with the UAE, with trade exchanges amounting to Dhs284 billion, followed by India with Dhs190 billion, the Russian Federation with Dhs40 billion, South Africa with Dhs24.5 billion, and finally Brazil with Dhs16 billion.

The UAE’s imports from China in 2022 amounted to about Dhs247 billion, re-exports worth Dhs11.2 billion, and national exports worth Dhs26 billion

The top five commodities in the trade exchanges between the two parties in the previous year were phones with Dhs94 billion, followed by processing machines with Dhs31 billion, then cars with Dhs11.4 billion, radios and microphones with Dhs4.1 billion, and ethylene polymers with Dhs4 billion.

The UAE imported Indian goods in 2022 worth more than Dhs100 billion, while the re-exports reached Dhs49 billion, and national exports reached Dhs41 billion.

The most traded commodities between the two countries in 2022 were diamonds with about Dhs50 billion, gold with Dhs15 billion, phones with Dhs14.5 billion, petroleum oils with Dhs13.1 billion, and jewelry with Dhs13 billion.

The country’s imports from the Russian Federation for 2022 amounted to about Dhs30.1 billion, while the value of re-exports amounted to Dhs9 billion, and national exports amounted to one billion dirhams.

Gold came as the most traded commodity between the two parties with Dhs20 billion, then diamonds with Dhs6.1 billion, phones with Dhs5.5 billion, processed machinery with one billion dirhams, petroleum oils with one billion dirhams.

The UAE’s non-oil foreign trade with South Africa included imported products and goods worth Dhs16.7 billion, re-exports worth Dhs5 billion, and national exports worth Dhs2.7 billion.

Diamond was the most traded commodity between the two countries with Dhs8.2 billion, gold with Dhs6.1 billion, copper wires with Dhs1.5 billion, petroleum oils with Dhs1.4 billion and phones worth Dhs700 million.

The UAE imported Brazilian goods worth Dhs13.5 billion, re-exports worth Dhs2 billion, and national exports worth Dhs400 million.

Meat and its entrails constituted the most traded commodities with Dhs4 billion, gold with Dhs2.5 billion, phones with Dhs1.4 billion, wood pulp with Dhs1.2 billion, and cane sugar and sugar with Dhs1.2 billion.

On Thursday, the BRICS bloc of developing nations agreed to admit Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the United Arab Emirates.

Commenting on the UAE’s entry to the group,  Hadi Al Hussaini, Minister of State for Financial Affairs said,” The UAE’s joining of BRICS is the culmination of the leadership’s efforts to forge international partnerships that cement the country’s fiscal and economic status, in line with its mission to support global sustainable development and enhance international cooperation among developing and emerging economies.”

He added, “Our relationship with the bloc began in October 2021, when the UAE became a member of BRICS’ New Development Bank, where Emiratis sit on the board of directors. We are actively participating in the bank’s annual meetings, knowledge exchange, and sharing of best practices. This benefits member states, as well as friendly states, especially when facing common global challenges, by establishing a new structure for global partnerships in international development, based on mutual benefit and respect.”

Bharat Bhatia, Chairman & CEO of Conares said,”The inclusion of the UAE in brics marks a monumental stride forward. This expansion resonates deeply with the spirit of collaboration and economic vitality that defines our times and is a testament to the vision and determination of nations to transcend borders for the greater good. The UAE’s exceptional economic and strategic strengths will now seamlessly blend into the consortium, opening up a remarkable chapter in international cooperation. As we move forward together, we forge a path toward collective progress, shared prosperity, and a heightened global recognition of our combined capabilities.”

Abdul Jebbar PB, Group Managing Director of Hotpack Global said,” “The brics’ decision to welcome the UAE among its ranks is a testament to the nation’s rising prominence. As the UAE joins this esteemed consortium of nations, we anticipate a new era of collaboration that will amplify opportunities for economic growth and innovation. This alliance not only underscores the UAE’s dedication to forging strategic partnerships but also reaffirms its commitment to contributing meaningfully to the global economic landscape.”