Sheikh Mohammed Bin Rashid Al Maktoum.
The UAE’s foreign non-oil trade created another record in the first nine months of 2022, totalling over Dhs1.6 trillion, a rise of 19 per cent compared to the same period in 2021.
His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, said that despite the predictions of the World Trade Organisation (WTO) of a 3.5 per cent decline in international trade this year, the UAE achieved a growth of 19 per cent in the first nine months of the year.
He also expects the country’s foreign trade to grow to Dhs2.2 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 Dhs275 billion, an increase of nine per cent compared to the same period in 2021, and an increase of 43 per cent, 53 per cent, 73 per cent and 99 per cent 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 Dhs456 billion, an increase of 19 per cent compared to the same period in 2021, and 54 per cent compared to the same period in 2020 while imports exceeded Dhs906 billion, an increase of 22.2 per cent 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 and Quarterly 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 Dhs202.9 billion in March, and Dhs204.2 billion in September. The UAE's non-oil trade could reach a value of Dhs2.2 trillion in 2022 and 2023.
Non-oil foreign trade achieved over Dhs583 billion during the third quarter of 2022, an increase of 11 per cent compared to the second quarter of this year, and an increase of 23 per cent compared to the third quarter of 2021.
In the third quarter of 2022, Emirati exports continued their positive performance to achieve nearly Dhs100 billion, an increase of 11 per cent compared to the second quarter of this year, and a rise of 12 per cent compared to the third quarter of 2021.
Re-exports in the UAE amounted to Dhs160 billion, an increase of six per cent compared to the second quarter of 2022, and an increase of 17 per cent compared to the third quarter of 2021.
The UAE’s imports amounted to Dhs326 billion, an increase of 13 per cent compared to the second quarter of 2022, and an increase of 29 per cent compared to the third quarter of 2021.
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 per cent of the country's non-oil trade, 38 per cent of its exports, 29 per cent of re-exports, and 44.4 per cent 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 Dhs79 billion, an increase of 23 per cent compared to the same period in 2021, an increase of 133 per cent compared to 2020.
Non-oil exports to India amounted to about Dhs20 billion, an increase of 12 per cent compared to the same period in 2021, and over 154 per cent and 112 per cent compared to the same period in 2020 and 2019, respectively.
The Dubai-led programme is being rolled out in 11 countries across four continents spanning the global South. India, Indonesia, Thailand, Brazil, Colombia and South Africa are among the nations that have signed on to the Dubai-led World Logistics Passport in the past 12 months.
The value of national non-oil exports amounted to about Dhs354 billion, setting a new record, exceeding Dhs300 billion for the first time in its history, a growth of 33.3 per cent as compared to 2020 and 47.3 per cent as compared to 2019.
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The two leaders engaged in friendly conversation and reviewed several topics of concern to UAE citizens, including the potential for maximising state gains.