Abu Dhabi: The trade exchange between the UAE and France grew by 16.8 per cent in 2022, reaching Dh29.44 billion, compared to Dh25.2 billion in 2021, according to data from the Federal Competitiveness and Statistics Centre.
In 2022, the bilateral trade between the two countries consisted of imports valued at Dh25.2 billion, while exports and re-exports were valued at approximately Dh4.2 billion.
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A report on the trade between the UAE and France showed that their international trade rose by 49 per cent over the past three years, rising from Dh19.7 billion in 2020 to Dh29.4 billion at the end of last year.
According to the report’s data, jewellery and precious metal products topped the list of the five leading commodities imported from France in 2022, with a value of Dh2.96 billion, followed by jet engines valued at Dh2.58 billion, perfumes at Dh2.1 billion, medicines at Dh1.4 billion, and bags at Dh1.3 billion.
In terms of re-exports, aircraft parts topped the list with a value of Dh1.1 billion, followed by jewellery and precious metal products worth Dh421 million, jet engines worth more than Dh200 million, cars worth Dh146 million, and perfumes worth Dh128 million. Meanwhile, packaging bottles were the UAE’s leading export commodity valued at Dh88 million.
Low-emission economic growth
The UAE and France are also cooperating in sustainable agriculture, food production, and food and water security to achieve mutual benefits from solutions that mitigate environmental impacts, adapt to climate change, and preserve biodiversity.
Their cooperation also aims to reduce carbon emissions in heavy industries, promote adaptation and resilience, develop nature-based solutions and green financing, and empower civil society in climate action and scientific and research collaborations.
The partnership between the UAE and France in the clean and renewable energy sector has led to the development, financing and operation of over 6.2 gigawatts of clean and renewable energy projects around the world through leading companies in the sector from both countries.
French investors trade millions in Emirati stocks
French investors have strengthened their investments in the UAE financial markets over the past years. The value of French trades, both buying and selling, in local markets in 2022 totalled Dh726.2 million spread across 130.5 million shares traded through 5,703 deals in 2022.
French trading, both buying and selling, in the Abu Dhabi Securities Exchange (ADX) reached a value of Dh386.4 million, executed through 3,848 transactions involving more than 58.3 million shares over the past year.
In the past year, French investors purchased around 20.76 million shares valued at more than Dh165.8 million through 1,672 transactions, compared to some 37.5 million shares worth Dh220.5 million executed through 2,176 transactions.
The French are among the top 20 nationalities who invested in the ADX, ranking 18th in 2022.
In the Dubai Financial Market (DFM), French trades, both buying and selling, in 2022 reached a value of around Dh340 million through 72 million shares traded over 1,855 transactions.
French purchases in the Dubai market were over 41.5 million shares worth some Dh68.2 million in 2019, and around 12.7 million shares worth Dh29.7 million in 2020.