UAE reports nearly Dhs500bn in non-oil foreign trade for Q1 2022

The UAE has reported that its non-oil foreign trade in the first quarter of this year reached Dhs499.7bn.

The figure was close to Dhs500bn mark – the first time in the country’s history, according to the Federal Competitiveness and Statistics Centre.

The Q1 2022 figure of Dhs499.7bn marked a growth of 20.5 per cent over the Dhs414.6bn that the country reported in the same period in 2021.

This figure is also up 26.3 per cent compared the first quarter in 2019.

China was ranked first in the list of top 10 countries trading with the UAE in Q1 2022, valued at Dhs57bn, followed by India at Dhs46.2bn, and Saudi Arabia at Dhs32.5bn.

Gold topped the list of leading commodities included in the UAE’s non-oil foreign trade, with a value of Dhs84.4bn and accounted for 17 per cent of the country’s total non-oil foreign trade.

It was followed by diamonds at Dhs40bn, telephone and communication devices at a value of Dhs37bn, mineral oils with a value of Dhs24.6bn, ornaments and jewellery at Dhs21bn, and cars that were valued at Dhs19.5bn.

Read: Abu Dhabi’s non-oil foreign trade reached Dhs61.5bn in Q1 2022

The UAE’s non-oil foreign trade for 2021 amounted to nearly Dhs1.9tn, a 27 per cent growth compared to 2020, and 11 per cent more compared to 2019. The value of national non-oil exports last year amounted to about Dhs354bn, a growth of 33.3 per cent as compared to 2020. The total value of re-exports amounted to Dhs521.3bn, achieving a growth of 27.7 per cent compared to 2020. The total value of the country’s imports during 2021 amounted to about Dhs1tn, a growth of 23.8 per cent as compared to 2020.

Read: UAE’s non-oil foreign trade rises 27% in 2021

The contribution of the non-oil sector to the UAE’s GDP amounted to 72.3 per cent in 2021, up from 71.3 per cent in the previous year. The hotels and restaurants, wholesale and retail, and health and social services sectors contributed 21.3 per cent, 14.1 per cent and 13.8 per cent respectively to the country’s GDP in 2021. The UAE’s overall GDP for 2021 at constant prices increased 3.8 per cent. Its GDP was recorded at Dhs1.489tn, with the growth rate exceeding the estimates of international institutions, which earlier forecasted a growth of 2.1 per cent for 2021.

Read: Non-oil contribution to UAE’s GDP reaches 72.3% in 2021