Emirates news agency – UAE’s non-oil foreign trade up 27% to AED 900 billion in H1-2021
ABU DHABI, October 13, 2021 (WAM) – UAE’s non-oil foreign trade grew 27% in the first half of 2021 compared to the first half of 2020, indicating a rapid recovery in the country’s non-oil foreign trade and its return to a growth path. It also indicates a 6% growth in the country’s non-oil foreign trade compared to the level before the pandemic in 2019.
According to preliminary data released by the Ministry of Economy, the total value of the country’s non-oil foreign trade was nearly AED900 billion in the first half of 2021. The value of non-oil exports alone is rising. amounted to AED 170 billion during this period, showing growth of 44% compared to the first half of 2020 and 41% compared to the same period in 2019.
The contribution of non-oil exports to the country’s total non-oil foreign trade during the same period (first half of 2021) increased to 19% from 16.6% in 2020 and 14.2% in 2019.
Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said non-oil foreign trade data for the first half of 2021 shows significant and promising growth in total trade volume over the past two years, despite the impact of the pandemic on the global trade movement. In addition, the significant growth in non-oil exports is a clear indication of the rapid recovery and return to the growth path and overall growth of the country’s foreign trade movement in general and the promotion of domestic non-oil exports in particular.
“These indicators confirm the effectiveness of the forward-looking vision and proactive plans implemented by the United Arab Emirates under the guidance and support of its wise leadership to deal with the impact of the pandemic on the foreign trade sector. This shows the country’s success in developing flexible, open and long-term policies to maintain the attractiveness of its business and business environment. These efforts consolidate the UAE’s position as a leading and competitive business hub connecting the ‘East and West and a major player in ensuring the continuity and growth of global supply chains. Today we see evidence of the success of our efforts in this direction. The latest figures confirm the distinguished position of the United Arab Emirates as a vital regional and global trade hub and an influential player helping to reshape the business landscape my dial to make it more flexible and sustainable with the aim of restoring the pace of activity and growth in the post-Covid era, “Al Zeyoudi added.
Al Zeyoudi added that the country’s promising foreign trade figures coincide with the launch of the â50 Projects,â which was recently announced by the UAE government to help improve the country’s trade performance over the next year. stage. It includes qualitative and strategic initiatives such as comprehensive economic agreements with a number of targeted global markets, and the 10 Ã 10 Export Development Program designed to provide an additional incentive to strengthen the UAE’s comprehensive economic and trade partnerships. with countries all over the world are constantly discovering new business markets for UAE. He added, âIn light of these integrated and pioneering efforts, we expect the country’s non-oil foreign trade to continue its positive performance in the final months of the year.
An analytical study by the Ministry of Economy on preliminary data on non-oil foreign trade activities found that the value of UAE’s gold exports exceeded AED70 billion in the first half of 2021. It shows a high 48% growth compared to H1 2020, while the rest of non-oil exports except gold totaled AED98 billion with growth of 42% compared to H1 2020 and 20% compared to H1 2019. It also revealed that 87% of the country’s non-oil exports are made locally and 13% come from free zones and customs warehouses.
Gold, ornaments and jewelry; aluminum; plastics, copper and articles thereof; iron and steel and articles thereof; are the country’s five largest non-oil exports. Their total value grew by 50% in the first half of 2021 compared to the first half of 2020, and by 47.4% compared to the same period in 2019.
Re-exports, which totaled AED 238 billion in the first half of 2021, grew by 22% compared to the same period in 2020. In addition, 46% of re-exports come from the local market and 54% from free zones.
The total value of imports over the same period exceeded AED482 billion, indicating growth of 24% from H1 2020 and 3% from H1 2019. Up to 66% of imports are destined for local market and 34% to free and customs zones. warehouses.
The study conducted by the ministry further indicated that with regard to the country’s total non-oil trade, 65% of this is done with the local market, while free zones and customs warehouses represent the 35 % remaining. The study also showed that 46% of this trade is carried out by air, 35% by sea and 20% by land.
The country’s non-oil trade has increased significantly with the five fastest growing economies in the first half of 2021 compared to the same period in 2020. These are China, Saudi Arabia, Iraq , Turkey and Italy. Meanwhile, the country’s top five export destinations over the same comparison period are India, Saudi Arabia, Hong Kong, Kuwait and China. The main re-export partners of the United Arab Emirates are Saudi Arabia, Iraq and Egypt.