For the first time in its history, UAE’s non-oil trade exceeded AED1 trillion ($272.25 billion) in the first half of 2022, recording a growth of 17 percent over H1 2021, Prime Minister and Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum said.
“For the first time in the history of the UAE, the non-oil foreign trade exceeds AED1 trillion in just half a year. We reached 1 trillion and 58 billion. The UAE has proven to the world the recovery of international trade after the most difficult pandemic that humanity has gone through,” Sheikh Mohammed said.
Non-oil exports were about AED180 billion for the first time in its history, recording a growth rate of 8 percent compared to the same period in 2021, an increase of 53 percent compared to the first half of 2020. It nearly doubled compared to H1 2017.
Again, for the first time in its history, re-exports approached the barrier of AED300 billion, increasing by 20 percent in 2021.
Imports were AED580 billion during the first half of 2022, for the first time in its history as well. It recorded a growth of 19 percent compared to the same period in 2021.
The contribution of imports from the UAE’s non-oil trade has decreased to 55 percent, while the share of non-oil exports was 17 percent. In addition, the share of re-exports reached 28 percent.
Sheikh Mohammed said, “Our economic growth is progressive and solid, our trade environment and infrastructure are the best and our economic approach is stable, fair and open to everyone… The growth of our economy aims to provide the best life for our people.”
Abdullah bin Touq Al Marri, Minister of Economy, said that UAE is “working nonstop to enhance its regional and global leadership and its position at the heart of the global trade networks by adopting commercial and economic openness and strengthening its infrastructure and legislative framework”.
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said, “The unprecedented performance demonstrated by the non-oil foreign trade can be attributed to the forward-looking vision of the wise leadership, which aims to expand the UAE’s trade with the world and position it as a major contributor to the doubling of the national economy by 2030.”