HomeEconomyUAE non-oil trade jumps 27% to $517 billion in 2021
By Economy Middle East
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February 28, 2022 8:26 am

UAE non-oil trade jumps 27% to $517 billion in 2021

Dubai Ruler: independence from oil reaching sustainable levels
UAE trade
UAE trade

Dubai’s Ruler Sheikh Mohammed bin Rashid Al Maktoum announced that the UAE’s non-oil foreign trade jumped by 27 percent to 1.9 trillion dirhams (517 billion dollars) in 2021.

This shows that UAE’s commercial activity with global economies continued despite the repercussions of the Corona pandemic. This reflects the resilience of the UAE economy.

Sheikh Mohammed bin Rashid wrote through his official account on Twitter: “Our non-oil foreign trade in 2021 achieved a jump of 27 percent from the previous year and 11 percent from 2019, reaching 1.9 trillion dirhams. Our relaunch after COVID-19 is strong .. Our economic growth is on the rise… and our move away from dependence on oil has reached the stage of sustainability… and the future is more promising, God willing.”

Numbers and statistics

 

Statistics issued by the Federal Center for Competitiveness and Statistics show that the growth included all components of trade, including export, import and re-export.

The trade data for the year 2021 showed the following:

– For the first time in its history, the value of non-oil national exports amounted to about 354 billion dirhams ($96.45 billion), exceeding 300 billion dirhams and setting a new record. The numbers show a growth of 33.3 percent compared to 2020 and 47.3% growth compared to 2019.

– The total value of re-exports amounted to 521.3 billion dirhams ($142 billion), achieving a growth of 27.7 percent compared to 2020, and 1.6 percent compared to 2019.

– The total value of imports during 2021 amounted to about one trillion dirhams ($272 billion), a growth of 23.8 percent from 2020, and about 7 percent from 2019.

– China ranked first as the country’s largest trading partner in 2021, accounting for 11.7 percent of the UAE’s total foreign trade with the world. The value of non-oil trade exchange between the two countries amounted to 212 billion dirhams ($57.77 billion), with a growth of 27 percent from 2020 and 19.8 percent from 2019.

India came in second place and acquired 8.7 percent of the country’s total non-oil trade, with a value of 164.4 billion dirhams.

Saudi Arabia came in third with a contribution rate of 6.6% and a value of 125 billion dirhams during 2021, achieving a growth of 20% compared to 2020 and 10.1% compared to 2019. The United States ranked fourth, and trade exchange with it grew by 8.1% compared to 2020. Iraq was in fifth place.

– With regard to the export destinations of the UAE, India came as the first destination, accounting for 13.8 percent of the total exports of the UAE, and received 50 billion dirhams of Emirati exports, a growth of 150 percent from 2020 and about 100 percent from 2019. Saudi Arabia came as the second having the largest future share of UAE exports, with a contribution of 10.7 percent, and received 38 billion dirhams of the country’s exports, achieving a growth of 48 percent compared to 2020 and 22.4 percent compared to 2019.

Abdullah Touq: The UAE is the most vibrant and active center for trade in the region

 

Commenting on these positive statistics, the UAE Minister of Economy, Abdullah bin Touq Al Marri, announced that the performance of the country’s non-oil foreign trade proves once again that the UAE is the most vital and active center for trade and business at the level of the region and among the most important axes and vital trade corridors on the world trade map.

He said, “The UAE’s foreign trade has by far exceeded the stage of recovery from the repercussions of the Covid-19 pandemic on global trade, and today it has entered an advanced stage of growth and prosperity, with more than 11 percent growth over the pre-pandemic stage.”

“The comprehensiveness of the positive results of import, export and re-export activities in all emirates of the country reflects a systematic and integrated growth based on flexible and highly efficient trade policies and sustainable development components.”

Thani bin Ahmed Al Zeyoudi: A real achievement and a new honorable station for this vital sector

 

For his part, Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, affirmed that the non-oil foreign trade data represent a real achievement and a new honorable station for this vital sector, which is a major driver for the growth of the national economy and is one of the pillars of the prestigious reputation that the UAE enjoys on the map of the economy and trade regionally. globally.

He stressed that these results come in light of the launch of the fifty projects and the continuous efforts that the UAE is implementing to raise its position on the map of international trade and ensure an attractive, active, and open trade environment to the world and linked to a diverse and strong network of global supply chains, which provides solid foundations for the sustainability of data growth of the country’s foreign trade over the coming years.