- September 12, 2022
- Posted by: Waqas Siddiqui
- Category: Business & Economy
UAE’s Non-Oil Trade Surpasses AED 1 Trillion in 6 Months
The UAE’s non-oil trade exceeded AED 1.05 Trillion (USD 29 Billion) in the first half of 2022, with an estimated growth rate of 17% when compared to the last half of 2021. This is due to the series of initiatives taken by the government to support non-oil sectors in the post-covid scenario. It is to be noted that this is the first time in the history of the UAE, the non-oil foreign trade exceeded AED 1 Trillion in just 6 months, indicating that UAE is one of the most resilient countries globally. H.H. Sheikh Mohammed bin Rashid Al Maktoum lauded the solid and progressive economic growth and the fair & open trade environment and infrastructure that provides a favorable business environment in the country.
Furthermore, the growth in trade reaffirms the success of the UAE’s strategic directions and visions in accelerating a full recovery after overcoming the negative impact of the Covid-19 pandemic on international trade. The UAE was one of the first countries to reopen for trade and tourism after the pandemic, boosting confidence among the local, regional and global traders in the country’s capability to handle challenges.
UAE Non-Oil Import & Exports – Statistics
During the first half of 2022, the UAE’s non-oil exports reached AED 180 Billion (USD 49 Billion), growing by 8% compared to the same period in 2021. Similarly, the growth rate was around 53% when compared to the first half of 2020 and 50% growth when compared to the same period in 2019.
In terms of the re-exports, the UAE recorded significant values during the first half of 2022, surpassing AED 300 Billion (USD 87 Billion) for the first time in its history. The results showed high growth rates as they increased by 20% (2021), 51% (2020), 16% (2018), and 23% (2018). Similarly, the UAE’s imports reached AED 580 Billion (USD 158 Billion) during the same period for the first time in its history as well, recording a growth of 19% compared to the same period in 2021.
UAE Government Initiatives – Improving Non-Oil Trade
The UAE Minister of Economy, Abdulla Bin Touq Al Marri mentioned that the country is working non-stop to enhance its regional and global leadership by striving to maintain its position as the heart of the global trade network along with adopting commercial and economic openness and strengthening its infrastructure and legislative framework.
The major contributor to the unprecedented performance demonstrated by non-oil foreign trade is because of the forward-looking vision of the UAE leadership, which aims to expand the UAE’s trade with the world and position it as a major contributor to the doubling of the national economy by 2030.
Research Konnection is one of the leading Market Research Firms in Dubai, UAE assisting clients in market research. At Research Konnection, we specialize in conducting Market Feasibility Studies, developing Business Plans, and supporting clients with data collection (Surveys & Interviews). Feel free to reach out to us on firstname.lastname@example.org if you need support in business research in Dubai