UAE’s non-oil trade weathers pandemic to reach $371 billion in 2020

DUBAI: The UAE’s non-oil trade rose to AED 1.403 trillion ($371 billion), reflecting the country’s robust trade exchanges despite the negative impact of the Covid-19 pandemic
The Federal Center for Competitiveness and Statistics (FCSA) data said the UAE commanded a coveted position globally and regionally in merchandise trade, with its non-oil exports growing 10.1 percent in 2020 to AED254.6 bn as compared to 2019, according to local reports.
The imports reached AED785.1 bn, accounting for 56 percent of total merchandise trade, with re-exports comprising 26 percent, or AED363.4 bn, of the total trade volume in the reference year.
China retained its top rank as the main trading partner of the UAE, with the bilateral trade value reaching AED174 bn, followed by Saudi Arabia (AED104 bn) and India (AED102.5 bn).
The US was the fourth largest trade partner at AED80.2 billion and then Iraq at AED53 billion. The five countries account for 36.6 percent of the UAE’s non-oil foreign trade, as compared to 44.1 percent in 2019, thus corroborating the improved competitiveness status boasted by the UAE in terms of diversifying into multiple markets, the reports said.
Switzerland topped UAE’s export markets with AED29.2 bn, receiving 11.5 percent of the UAE’s non-oil exports, followed by Saudi Arabia, AED25.6 bn, India, AED19.7 bn, Turkey, AED18.4 bn and Italy, AED18.2 bn.
China is the UAE’s top import partner, with a total value of AED144.4 of non-oil commodities, followed by the US at AED60.5 bn, India AED60.5 bn, Japan AED34.7 bn and Germany AED26.7 bn. The five countries account for 41.6 percent of the UAE’s imports.
In terms of re-exports, Saudi Arabia comes first with a total value of AED54.6 bn, followed by Iraq, AED40.6 bn, Oman, AED23.3 bn, India, AED22.3 bn, and then China, AED19.6 bn.