Abu Dhabi’s export activity surged in the first five months of 2024, demonstrating the emirate’s growing global trade presence.Â
A joint research paper by the Abu Dhabi Chamber of Commerce and Industry and Etihad Credit Insurance (ECI) revealed a 23.8 percent year-on-year increase in certificates of origin issued between January and May 2024. This growth underscores the chamber’s efforts to boost trade opportunities and enhance the UAE’s international trade footprint.
Top export markets
The study identified the top 10 export markets for Abu Dhabi Chamber members: Saudi Arabia, Kuwait, Oman, Qatar, U.S., Egypt, Bahrain, Jordan, Iraq, and India.
Increased local commercial activity
Moreover, the chamber’s initiatives have spurred increased local commercial activity, evident in the rise of new industrial companies registering with the Abu Dhabi Chamber. The transportation and storage sector experienced a remarkable 78 percent surge between January and May 2024 compared to the same period in 2023.
Positive impact of CEPAs
Additionally, the paper highlighted the positive impact of Comprehensive Economic Partnership Agreements (CEPAs) on the UAE’s economy. By the end of 2023, the total value of the UAE’s non-oil foreign trade with CEPAs-linked countries surpassed AED390 billion. These agreements have further facilitated access to new markets, expanded Abu Dhabi’s export portfolio, and eased entry for Emirati exports into key markets like India, Indonesia, Türkiye, Korea, and Malaysia.
Diversification of export destinations
Furthermore, the UAE’s non-oil export landscape is increasingly diverse, with Asia emerging as the primary export destination, followed by the European Union and North America. Also, other notable regions include the European Free Trade Association (EFTA), Africa, and South America, along with significant growth in exports to Eastern Europe, Oceania, and Central America.
As of July 2024, the UAE has signed 12 CEPAs with countries at regional and global levels, with ongoing discussions for new agreements with promising markets.
For more economy news, click here.
