2.2 trillion dirhams, the total expected foreign trade volume for the country by the end of 2022

Mohammed bin Rashid: We are optimistic about a stronger, higher and loftier federal year

• Jebel Ali Port DP world 11

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The UAE's non-oil foreign trade achieved a new record during the first nine months of 2022, reaching a value of more than 1.6 trillion dirhams, registering a growth of 19%, compared to the same period in 2021, and 50% compared to the same period in 2020. And it increased by 29.6% compared to the same period in 2019.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, expressed his optimism for a "stronger, higher and loftier federal year", stressing that the UAE constitutes an exception in global trade and economy, in services and infrastructure, and in international relations. Outstanding and stable.

UAE.. an exception

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said: “Despite the expectations of the World Trade Organization that global trade growth will lose its momentum, reaching 3.5% this year, the UAE was an exception, with a growth of 19%. In the first nine months ... and our expectations that the total volume of our foreign trade will reach 2.2 trillion dirhams by the end of 2022, compared to 1.9 trillion dirhams in the previous year.

And His Highness continued: "The UAE constitutes an exception in global trade and economy.. and constitutes an exception in services and infrastructure.. and constitutes an exception in distinguished and stable international relations.. We are optimistic about a stronger, higher and loftier federal year, God willing.. May God protect the Emirates and its people."

Powerful performance

A report issued by the Ministry of Economy on indicators and results of the country's non-oil foreign trade for the first nine months of this year 2022 showed that national non-oil exports maintained their strong performance during this period, achieving 275 billion dirhams, with a growth rate of 9% compared to the same period of 2022. in 2021, with a growth rate of 43%, 53%, 73%, and 99%, compared to the same periods of the years: 2020, 2019, 2018, and 2017, respectively.

policies and initiatives

For his part, Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al-Zeyoudi, affirmed that the indicators and record results achieved by the UAE's non-oil foreign trade on a continuous basis confirm the success and leadership of the commercial and economic policies and initiatives adopted by the state in light of the forward-looking vision of the leadership, which is based on promoting openness. To the world, as one of the most important components of international economic relations, which establishes the position of the UAE as a leading commercial center for trade, business and investment at the regional and global levels.

Al-Zeyoudi added: “The developments in the economic environment within the framework of (the fifty projects) contributed to enhancing the performance of the country’s foreign trade, by accelerating the pace of trade agreements, and developing partnerships with global markets during the last stage, in addition to the country’s strategic location as an active logistical gateway, allowing the entry of products.” To the markets of the region, Asia and Africa, as it is linked to more than 250 cities around the world by direct airlines, and with more than 400 cities by shipping lines, and its possession of a land, sea and air transport system that is among the most efficient at the global level.

He continued: «Today, we are witnessing a new achievement added to the foreign trade sector in the UAE, and supporting its prestigious position and reputation on the global trade map, as we have achieved continuous growth and record rates in trade exchanges and national non-oil exports since the beginning of this year, thanks to flexible and efficient trade policies. High, sustainable development ingredients, and expanding and diversifying our partnership with global markets.

Re-export and import

And a report on trade data during the first nine months of 2022 showed that the total value of re-exports amounted to 456 billion dirhams, achieving a growth of 19% compared to the same period in 2021, and by 54% compared to the same period in 2020, while Imports exceeded 906 billion dirhams, a growth of 22.2% compared to the same period in 2021.

The report indicated that the activity of re-exporting goods contributed to achieving positive results, which strengthened the UAE's position on the global trade map, as it is one of the most important poles of commercial centers that support the flow of goods to and from global markets.

business partners

The report revealed that China is still at the top of the list of the country's trading partners, followed by India, then Saudi Arabia in third place, while the United States ranked fourth, followed by Iraq, then Turkey.

Countries: India, Saudi Arabia, Switzerland, Turkey, Hong Kong - China, and Oman are among the most important recipients of the UAE's non-oil exports during the first nine months of 2022.

As for the UAE's imports, China, India, the United States, Japan, Turkey and Saudi Arabia come at the top of this list.

economic blocs

At the level of global economic blocs, the report showed that non-Arab Asian countries are the main and first partner in non-oil trade to the UAE during the first nine months of 2022, accounting for 39% of the country's non-oil trade, 38% of its exports, and 29% of its exports. Re-exports, and it accounts for 44.4% of the UAE's non-oil imports.

European countries came in second place, followed by the Gulf Cooperation Council countries, then non-Arab African countries, followed by other Arab countries, and the group of American countries.

UAE and India

And with the entry into force of the economic partnership agreement between the UAE and India from May to September 2022, joint trade exchange reached 79 billion dirhams, achieving a growth of 23% compared to the same period in 2021, and a growth of 133% compared to 2020.

UAE non-oil exports to India recorded about 20 billion dirhams, achieving a growth of 12% compared to the same period in 2021, as well as more than 154% and 112% compared to the same period in 2020 and 2019, respectively.

Re-exports approached 20 billion dirhams, a growth of 16%. UAE imports from India amounted to 40 billion dirhams during the period from May to September 2022, achieving a growth of 33% compared to the same period in 2021.

The value of non-oil foreign trade between the two countries recorded 143 billion dirhams during the first nine months of 2022, achieving a growth of 19% compared to the same period in 2021, as well as double the trade achieved during the same period in 2020.

• National non-oil exports maintained their strong performance, achieving 275 billion dirhams within 9 months.

• The record results of non-oil foreign trade confirm the success and leadership of commercial and economic policies and initiatives.

Vice President of the State:

• "The UAE constitutes an exception in global trade and economy.. and constitutes an exception in terms of services and infrastructure.. and constitutes an exception in distinguished and stable international relations."

• "Despite the expectations of the World Trade Organization that global trade growth will lose its momentum to reach 3.5% this year, the UAE was an exception, with a growth of 19% in the first nine months."

• "Our expectations are that the total volume of our foreign trade will reach 2.2 trillion dirhams by the end of 2022, compared to 1.9 trillion last year."

Thani bin Ahmed Al-Zeyoudi:

• "We have achieved continuous growth and record rates in trade exchanges and national non-oil exports, thanks to flexible and highly efficient trade policies, and the expansion and diversification of our partnership with global markets."

583 billion dirhams during the third quarter

Non-oil foreign trade achieved more than 583 billion dirhams during the third quarter of 2022, achieving a growth of 11% compared to the second quarter of the same year, and a growth of 23% compared to the third quarter of 2021.

The third quarter of 2022 witnessed the continuation of UAE exports with its positive performance, to achieve about 100 billion dirhams, with a growth rate of 11% compared to the second quarter of this year, and a growth of 12% compared to the third quarter of 2021.

Re-exports in the UAE amounted to 160 billion dirhams, a growth of 6% compared to the second quarter of 2022, as well as a growth of 17% compared to the third quarter of 2021.

As for UAE imports, they amounted to 326 billion dirhams, a growth rate of 13% compared to the second quarter of 2022, as well as a growth of 29% compared to the third quarter of 2021.

Gold tops exports

Gold bullion ranked first in the list of UAE commodities exported during the first nine months of 2022, with a contribution rate of 32% of the UAE’s non-oil exports, followed by aluminum, which achieved a growth in export value by 9%, then “ethylene polymers” with a growth rate of 23%. %, copper wires with a growth rate of 10%, and iron and steel and its products with a growth rate of 28%.

Gold, telephones, diamonds, petroleum oils, cars and their parts, jewellery, computers, polymers, and aluminum continued to be on the list of the most important commodities of UAE trade during the first nine months of 2022.

World Trade Organization forecasts

Last October, the World Trade Organization predicted that trade growth would lose its momentum in the second half of this year, warning of imposing trade restrictions that would eventually lead to slower growth and lower living standards.

The organization said that the Middle East region will achieve the strongest growth in exports compared to any other region this year, by 14.6%, followed by Africa, North America, Asia, Europe and South America. The region also recorded the fastest growth in trade volume in terms of imports by 11.1%.

Despite expectations that the Middle East and Africa region will witness a slight decrease in exports in 2023 by about 1.5% in 2023, imports will remain strong, growing by 5.7%.

monthly performance

The monthly performance of non-oil foreign trade is witnessing strong growth during the current year, as the country achieved a value of 202.9 billion dirhams during March 2022, and during last September 204.2 billion dirhams.

This gives an indication that the UAE's non-oil trade may reach 2.2 trillion dirhams during the years 2022 or 2023 at the latest.

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