DUBAI, UAE — The non-oil trade between France and the UAE grew to €7.318 billion (US$8 billion) in 2022, 21% up compared to 2021, said Axel Baroux, the French new Trade & Invest Commissioner to the UAE and the Regional Director of Business France in the Middle East.
This surge, according to the Federal Competitiveness and Statistics Centre, signifies a significant 16.8 percent increase in bilateral trade, highlighting the robust economic relations between the two countries.
Baroux lauded the flourishing trade ties and emphasized that the official visit of UAE President Sheikh Mohamed bin Zayed Al Nahyan to Paris would further propel trade exchanges between the two nations.
With France holding the distinction of being the leading investor from the European Union (EU) in the UAE, Baroux revealed that the French direct investments reached a remarkable €4.025 billion ($4.4 billion) by the end of 2020, constituting 20 percent of the EU’s total investments in the Emirates. In turn, the UAE has invested €3.019 billion ($3.3 billion) in France by the end of 2021.
Highlighting an upcoming landmark event, Baroux announced the inaugural edition of Vision Golfe, scheduled to take place on June 13-14, 2023, under the patronage of President Emmanuel Macron. As the largest economic trade event jointly organized by France and the Gulf Cooperation Council (GCC) countries, including the UAE, Vision Golfe aims to foster business cooperation, particularly with Emirati companies, and strengthen trade relations.
Baroux commended the UAE as the most promising market for French exports in the region, noting the presence of over 600 French companies operating in the UAE, employing nearly 30,000 people. France ranks as the UAE’s fourth-largest economic partner within the EU, standing third for Emirati imports and sixth for non-oil exports from the UAE.
The trade data underscores the diversity of exchanged goods between the UAE and France.
The top imports from France in 2022 include jewelry and precious metal products valued at AED 2.96 billion, followed by jet engines at AED 2.58 billion, perfumes at AED 2.1 billion, medicines at AED 1.4 billion, and bags at AED 1.3 billion.
Regarding re-exports, aircraft parts dominated the list with a value of AED 1.1 billion, followed by jewelry and precious metal products worth AED 421 million, jet engines valued at over AED 200 million, cars valued at AED 146 million, and perfumes worth AED 128 million. Packaging bottles emerged as the UAE’s leading export commodity, amounting to AED 88 million.