UAE's foreign non-oil trade to grow to Dhs2.2tn by end of 2022 UAE's foreign non-oil trade to grow to Dhs2.2tn by end of 2022
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UAE’s foreign non-oil trade to grow to Dhs2.2tn by end of 2022

UAE’s foreign non-oil trade to grow to Dhs2.2tn by end of 2022

Non-oil foreign trade crossed Dhs583bn during the third quarter of the year

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The UAE’s foreign non-oil trade was valued at Dhs1.637tn in the first nine months of 2022.

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said that despite the predictions of the World Trade Organisation (WTO) of a 3.5 per cent decline in international trade this year, the UAE achieved a growth of 19 per cent in the first nine months of the year.

“The UAE is an exception in global trade and economy, as well as in services, infrastructure and international relations,” Sheikh Mohammed said. He expects the country’s foreign trade to grow to Dhs2.2tn by end of 2022.

Non-oil exports amounted to Dhs275bn, rising 9 per cent compared to the same period in 2021, a Ministry of Economy report on the country’s non-oil foreign trade for the first nine months of the year, revealed. The same grew 43 per cent, 53 per cent, 73 per cent and 99 per cent compared to the same period in 2020, 2019, 2018, and 2017, respectively.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said that the economic developments that took place under the framework of the Projects of the 50 have strengthened the country’s foreign trade performance, due to accelerating the pace of signings of trade agreements and growing partnerships with global markets.

The total value of re-exports for Jan-Sep were valued at Dhs456bn, scaling 19 per cent compared to a year-earlier period, and 54 per cent compared to the same period in 2020, while imports exceeded Dhs906bn, rising 22.2 per cent compared to the previous year.

Non-oil foreign trade crossed Dhs583bn during the third quarter of 2022, increasing 11 per cent compared to the second quarter of this year, and 23 per cent compared to the third quarter of 2021.

In the third quarter of 2022, Emirati exports achieved nearly Dhs100bn in value, rising 11 per cent compared to the second quarter of this year, and 12 per cent compared to the third quarter of 2021. Re-exports in the UAE amounted to Dhs160bn, while imports equalled Dhs326bn.

The country’s non-oil trade could reach a value of AED2.2 trillion in 2022 and 2023.

China topped the list of the UAE’s trading partners, followed by India, Saudi Arabia, the US, Iraq, and Türkiye. Meanwhile, India, Saudi Arabia, Switzerland, Turkey, Hong Kong – China, and Oman were the top importers of the UAE’s non-oil exports during the first nine months of 2022.

China, India, the US, Japan, Türkiye and Saudi Arabia were the country’s top exporters.

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