Dubai: For the first time in UAE’s history, the country’s non-oil foreign trade has crossed the Dh1 trillion mark in the first half of a year.
The figure stood at Dh1.053 trillion for the six-month period, growing 17 per cent over the second half of last year, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai tweeted.
"Our economic growth is progressive, our trade environment and infrastructure are the best and our economic approach is stable, fair and open to everyone... The growth of our economy will continue its strong pace in the coming year," Sheikh Mohammed tweeted.
During the first half of 2022, UAE’s non-oil exports stood at Dh180 billion, a growth rate of 8 per cent compared to the same period in 2021, and nearly double of 2017 levels. Imports reached Dh580 billion, a growth of 19 per cent compared to 2021 levels. Re-exports touched Dh300 billion for the first time in its history, 20 per cent higher than in the first half of 2021.
The UAE’s non-oil foreign trade in the first quarter of 2022 was close to Dh500 billion for the first time in the country’s history, totalling Dh499.7 billion, a growth of 20.5 per cent compared to Dh414.6 billion recorded in the same period of 2021, according to the Federal Competitiveness and Statistics Centre. This figure was also up 26.3 per cent compared to the same period in 2019.
China, India and Saudi Arabia were among the top trading partners in Q1 with trade value at Dh57 billion, Dh46.2 billion and Dh32.5 billion, respectively.
With a value of Dh84.4 billion, gold topped the list of leading commodities in the UAE’s non-oil foreign trade in the first quarter, accounting for 17 per cent of the total non-oil foreign trade, followed by diamonds (Dh40 billion), telephone and communication devices (Dh37 billion), mineral oils (Dh24.6 billion), ornaments and jewellery (Dh21 billion), and cars (Dh19.5 billion).
Abu Dhabi’s non-oil foreign trade reached Dh124 billion in the first-half of 2022, up 12 per cent from the same period in 2021.
Growth forecast
The UAE’s overall real GDP increased by 3.8 per cent in 2021, compared to a decline by 4.8 per cent in 2020, the UAE Central Bank said. The overall GDP growth is due to an increase by 5.3 per cent in non-oil real GDP, marginally dragged down by the drop in the real oil GDP. The Central Bank projects real GDP growth to further increase to 5.4 per cent in 2022, supported by higher economic activity and higher oil prices, with non-oil GDP rising by 4.3 per cent while forecasts for growth for 2023 for the overall real GDP and the non-oil real GDP are 4.2 per cent and 3.9 per cent, respectively.
