The country is among the top 20 in 16 indicators related to trade, 6 of which are included in the National Agenda 2021

36.5% growth in the UAE's non-oil trade within 3 months despite Coronavirus

• The contribution of exports to trade increased during the third quarter by 40.8% compared to the second quarter of 2020

• Thani Al-Zeyoudi: "A clear indication of the speed of recovery and the ability to quickly return to pre-pandemic levels."

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The UAE's non-oil foreign trade achieved a growth of 36.5% during the third quarter of last year compared to the second quarter of the same year, despite the repercussions of the "Covid-19" pandemic that cast a shadow on international trade and world economies.

This percentage represents a jump in growth compared to the same comparison period in 2019, during which it reached 2.3%.

Exports

An analytical study of the Ministry of Economy on the rates of non-oil foreign trade on a quarterly basis, during which the results of the third quarter were compared with the second quarter of 2020, revealed that the contribution of exports increased during the third quarter by 40.8% compared to the second quarter 2020, to acquire 19.9% ​​of The total non-oil foreign trade of the country.

During the same comparison period, that is, the third quarter compared to the second quarter of 2020, imports grew by 23.5%, accounting for 51.7% of the total non-oil foreign trade, while re-exports grew by 64%, accounting for 28.4%.

Faster recovery

The Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al-Zeyoudi, affirmed that these figures are a clear indication of the speed of the recovery of the UAE's foreign trade, and demonstrate its ability to quickly return to pre-pandemic levels, and to achieve strong growth rates despite the restrictions it imposed on the movement of trade, transport and shipping. And business activities in general in various global markets, which confirms the leading position of the country as a vital commercial gateway between East and West.

He explained that this growth is due to the efficiency of the proactive approach taken by the UAE under the guidance of its wise leadership in dealing with the pandemic and limiting its repercussions, the effectiveness of national strategies to enhance the flexibility and diversity of the national economy, and the broad range of initiatives and qualitative incentives launched by the government to increase the momentum of commercial movement and investment flows with partners. Worlds.

The most important passages

Al-Zeyoudi added that, thanks to the vision and directives of the wise leadership, the UAE was able to consolidate its position as one of the most important commercial corridors for the movement of goods and goods on the global trade map, and to rank third in the world in re-exports, and within the top twenty in commodity exports and imports.

The Big 20

According to a recent report issued by the Federal Center for Competitiveness and Statistics, the UAE ranked among the top 20 countries in 16 indicators of competitiveness worldwide in the foreign trade sector during the year 2020, including the Global Competitiveness Yearbook issued by the International Institute for Administrative Development and the Global Competitiveness Report 4.0 issued On the World Economic Forum, the World Bank's Logistics Performance Report, the INSEAD Global Innovation Index and the World Intellectual Property Organization, among others.

The report showed the leadership of the foreign trade system in many axes, the most prominent of which are indicators of the efficiency of the border settlement process, customs clearance, exports of creative goods, imports of goods and services, exports of goods and commercial services, protection policy and the terms of trade exchange index.

The national agenda

Six indicators out of the total of 16 indicators cited in the report are included in the national agenda for the UAE Vision 2021, within three main indicators as follows: The first is the Global Competitiveness Report 4.0 and includes the sub-indicators: “Efficiency of the border settlement process” in which the country achieved the 15th rank. At the global level, and "imports of goods and services" in which the state achieved the 19th rank in the world, and "the lack of prevalence of non-tariff barriers", and the state ranked ninth in the world.

As for the second index, it is the Global Innovation Index and it includes the two sub-indicators: “exports of creative goods” in which the country ranked eighth in the world, and “national narrative films” in which the country ranked 18th globally, while the third indicator is the logistical performance report and includes the sub-index: “customs” And the country ranked 15th in the world.

contributor

The results of the study of the Ministry of Economy and the report of the Federal Center for Competitiveness and Statistics showed the importance of the foreign trade sector as a contributor to achieving the indicators of the national agenda for the UAE Vision 2021, and thus the national strategic objectives in terms of economic development, reflecting the efficiency of the state’s commercial system and its advanced and internationally superior structure in support and facilitation of trade, and reflects Its ability to contribute effectively to the development of trade and to enhance its momentum regionally and internationally, even in exceptional circumstances, as is the case in the "Covid-19" pandemic.

Contribution of commodity groups to foreign trade

An analytical study of the Ministry of Economy showed that the contribution of commodity groups to the non-oil foreign trade of the UAE during the first nine months of last year came as follows: Machinery, appliances, electrical equipment and parts thereof contributed 26.8% with a value of about 277 billion dirhams, followed by gold, diamonds and jewelery. Jewelry by 24.5%, with a value of about 255 billion dirhams, then transport equipment with a value of 103 billion dirhams, with a 10% contribution, up from 8.9% during the same period in 2019.

Then the ordinary metals and their articles with a value of 71.4 billion dirhams, and then the products of the chemical industries or related industries with a value of 59 billion dirhams.

The total contribution of these groups reached 74%, compared to 26% for all other groups, noting that the total volume of non-oil foreign trade of the state during the first nine months of 2020 amounted to 1.033 trillion dirhams.

3 main axes

The Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al-Zeyoudi, said that the Ministry of Economy is working in terms of supporting national exports according to three main axes at the current stage: the first of which is the application and development of plans and initiatives to recover trade from the repercussions of "Covid-19", and to develop a sustainable development path for the sector. Trade in the country, while the second axis is to promote the Emirati product and develop programs to raise the efficiency of Emirati products, increase the export capacity, provide protection, credit tools and finance the deals executed by national producing companies, and monitor the most important markets that suit Emirati products and diversify the country's export destinations, while the third is development Continuing in the country's trade policies and developing effective methodologies for dealing with protectionist policies of foreign countries and defending national exports in various international markets, in line with the World Trade Organization agreements.

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