Mohammed bin Rashid: The growth of our economy aims to provide the best life for our people
The UAE's non-oil trade exceeds for the first time the trillion dirhams barrier in half a year
The rising trajectory of national exports is a strong indicator of the success of the economic diversification policies.
AFP
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His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, confirmed that "the country's non-oil trade achieved a qualitative leap during the first half of 2022, as it exceeded one trillion dirhams, recording a growth rate of 17% over the last half of 2021." ».
His Highness Sheikh Mohammed bin Rashid Al Maktoum said: "For the first time in the history of the UAE, non-oil foreign trade exceeded the one trillion dirhams barrier in just half a year... to reach one trillion and 53 billion dirhams, a growth of 17% over the previous half year.. And for the UAE to prove to the world the return of the recovery of international trade after the most difficult pandemic that humanity has gone through.”
His Highness added: "Our economic growth is progressive and solid, our trade environment is the best, our infrastructure is not matched by any country, and our economic approach is stable, fair and open to everyone.
We are optimistic about a new economic year full of work, achievement and unique projects.
And we promise everyone that the next is better.
And that the growth of our economy aims to provide the best life for our people, God willing.”
ascending path
The UAE’s non-oil foreign trade continued its upward trajectory, setting a new record in the first half of this year, amounting to one trillion and 53 billion dirhams, for the first time in its history, with a growth rate of 17% compared to the first half of 2021, and an increase of 25%, and 35 % compared to the same period in 2020 and 2019, respectively.
The fact that the UAE’s non-oil foreign trade in the first half of 2022 exceeded the trillion dirhams barrier confirms the success of strategic directions and visions in accelerating the full recovery and returning to the desired economic recovery, after the country has overcome the negative repercussions of the spread of the “Covid-19” pandemic on international trade in general.
business partners
The UAE is seeking to expand its network of trading partners and consolidate its position as a major gateway to the flow of trade between the world, while these unprecedented records came in conjunction with the UAE’s continued strengthening of its international partnerships with strategic markets around the world, thus consolidating the country’s position as a gateway Head of Trade Flow and Logistics.
The signing of Comprehensive Economic Partnership Agreements is an essential pillar of the 50 projects that will lead the next phase of growth and sustainable development in the country over the next 50 years, and include a number of markets of strategic importance globally and regionally.
According to preliminary official data issued by the Ministry of Economy, the state's non-oil exports, in turn, set an unprecedented record during the first half of 2022, achieving about 180 billion dirhams for the first time in its history, with a growth rate of 8% compared to the same period in 2021. And an increase of 53% compared to the first half of 2020, and 50% compared to the same period of 2019, and a growth rate of 69% with the same period of 2018. It also almost doubled during the first half of this year compared to what it had recorded during the same period of 2018. 2017, which confirms the upward trajectory of the UAE's non-oil national exports, in a strong indication of the success of policies to diversify the national economy and develop non-oil economic sectors.
Re-export
In turn, re-export operations recorded unprecedented records during the first half of 2022, approaching the barrier of 300 billion dirhams, for the first time in its history, and with high growth rates compared to previous years, as they rose by 20%, 51%, 16%, and 23 % compared to the corresponding periods in 2021, 2020, 2019 and 2018, respectively.
Country imports
According to preliminary official data, the country's imports increased, achieving a new record, approaching the 580 billion dirham barrier during the first half of 2022, for the first time in its history as well, and recorded a growth of 19% compared to the same period in 2021, and a rate of 49% compared to the previous year. The same period of 2020, as well as a growth of 24% compared to the first half of 2019, and a growth rate of 25% compared to the same period of 2018.
The data also showed that the contribution of imports fell to 55% of the UAE non-oil trade, while the share of non-oil exports became 17%, while the share of re-exports reached 28%, while these data revealed, when compared to previous years, that national exports achieved growth It has witnessed a significant and accelerated activity, which led to an increase in its contribution to the state's non-oil trade.
ambitious vision
For his part, Minister of Economy Abdullah bin Touq Al-Marri said, “Foreign trade is a major tributary of the national economy and one of the pillars of its strength and competitiveness. Infrastructure and legislative support for this main sector.
He added, "The qualitative leap recorded by foreign trade figures for the first half of this year, which exceeded the trillion dirhams barrier, with a growth rate of 35% over the pre-pandemic rates in 2019, is an indicator that translates the efficiency of the approach taken under the leadership and directives of His Highness Sheikh Mohammed. bin Zayed Al Nahyan, President of the State, and his brother, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.
record march
Bin Touq added, "This result is the beginning of a record and unprecedented economic growth process in the history of the country, and it is the fruit of the integrated efforts and initiatives announced by the UAE government, within the fifty national projects, through which it laid the foundation for a new phase of internal and external growth, and formulated initiatives that work To achieve qualitative leaps for the national economy, most notably the Comprehensive Economic Partnership Agreements Program, which works to open new markets for Emirati exporters, secures supply chains, enhances investment flows, and stimulates economic growth.
It also consolidates the position of the UAE as a center for global trade and logistics services, in addition to a number of other economic programs and initiatives related to developing and stimulating the business environment and economic activities and promoting policies of openness and economic diversification, which was positively reflected on all indicators of the national economy during the last period.
quality initiatives
Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, said, "The unprecedented historical figures shown by the non-oil foreign trade data translate the forward-looking vision of the wise leadership, which aims to expand the UAE's trade with the world as a major driver to stimulate the growth of the national economy, up to its doubling by 2030. ».
He stressed that "the state's non-oil foreign trade exceeded the one trillion dirhams barrier in the first half of 2022, for the first time in its history, as a result of the forward-looking plans implemented by the UAE government during the past years, which in turn contributed to strengthening the country's commercial partnerships regionally and globally, which comes At the forefront of which is the Comprehensive Economic Partnerships Program, which was announced among the 50 projects last September, and in the light of which three agreements have been completed so far with India, Israel and Indonesia, in addition to signing a declaration of intent with South Korea, Turkey, Georgia and Kenya, to conclude partnerships comprehensive economic with it during the next stage.”
He added, "These agreements are expected to contribute to promoting the sustainable growth of the national economy, doubling the country's GDP from 1.4 trillion dirhams to three trillion dirhams by 2030, and raising trade exchange with these partner markets by 40 billion dirhams annually."
He explained that "the multiple initiatives owned by the UAE to develop and diversify its exports had a significant impact in achieving that record jump in the growth of trade performance in just six months, most notably the (10 x 10) program, which aims to enter the UAE's exports to 10 new and emerging global markets. It is expected that it will work to achieve a growth of 14% in cumulative foreign direct investment abroad by 2030,” stressing that “the rising trajectory of the growth of the non-oil foreign trade volume of the country in recent years confirms that the UAE is moving steadily towards consolidating its position as a global gateway.” to the flow of international trade between all parts of the world, and a major contributor to efforts to stimulate the global economy to revive it in a manner that contributes to achieving sustainable development.”
Deputy Head of State:
■ "Our trade environment is the best, and our infrastructure is unmatched by any country."
■ «We are optimistic about a new economic year full of work, achievement and unique projects».
■ "The UAE proves to the world the return of the recovery of international trade after the most difficult pandemic that has passed through mankind."
Non-oil exports set an unprecedented record during the first half, reaching 180 billion dirhams.
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