New Delhi, India – The non-oil trade between the UAE and G20 countries in 2022 hit $341 billion, which is 55% of the UAE’s total non-oil trade, Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade told the Emirates News Agency (WAM) in India where he is representing the country at the G20 summit.
“This represents a 21% increase from 2021, and a 56% and 34% up from 2020 and 2019, respectively,” the minister said.
“G20 countries are the UAE’s largest trading partners, accounting for 43% of its non-oil exports, 39% of e-exports, and 67% of imports,” the minister added.
Al Zeyoudi noted that the UAE’s non-oil trade with the G20 countries grew significantly in 2022, up 56% from 2020 and 34% from 2019.
“This upward trajectory continued in the first half of 2023, with non-oil trade reaching $181.9 billion, up 14.4% from the same period in 2022,” he said. “The UAE’s non-oil exports to G20 countries grew by 10.6% in the first half of 2023, reaching a total of $23.4 billion. The value of re-exports to these countries also rose by 14% to $38 billion. The imports increased by 15.2% to $120.5 billion.”
The UAE’s investment ties with G20 countries, the minister continued, are booming, with the total balance of direct Emirati investments in these countries reaching more than $215 billion by the end of 2021. This represents 92.5% of all Emirati investments worldwide.
“The total investment balance of G20 countries in the UAE is also significant, reaching more than $74.2 billion, accounting for 43.3% of all foreign direct investment (FDI) into the UAE,” Al Zeyoudi said.
The minister said that the UAE’s invitation to the G20 Summit is a recognition of its status as a major economic player, a key partner in the global trading system and a responsible global citizen. He highlighted the UAE as a major gateway for the flow of goods and services, and an effective member of the international community.