Abu Dhabi: UAE’s non-oil foreign trade reached Dh1.75 trillion ($476.4 billion) in 2015, a growth of up to 10 per cent from 2014, according to a report by the UAE Ministry of Economy.
The figures in the first half of 2015 are positive indicators for the foreign trade, including direct trade.
According to the report, the figures show a rise in the country’s competitiveness as a capital of regional trade, noting that the volume of the non-oil trade (inclusive of free zones trade) was valued at Dh1. 632 trillion in 2014.
The direct trade totalled Dh1.072 trillion, and the value of imports reached Dh696.4 billion.
World Trade Organisation (WTO), figures show that the UAE’s exports amounted to Dh132.2 billion and re-exports totalled Dh243.7 billion.
The Ministry of Economy also noted that the increase in the volume of UAE trade zones in 2014 amounted to about Dh560 billion, confirming that the country managed to achieve the top rank in International Trade Statistics for 2015 released by the WTO.
The Ministry of Economy said that the figures and data contained in the WTO International Trade Statistics 2015 are promising, and reflect the continued success of the UAE’s economic policies year after year.
Indicators issued by the Ministry of Economy, as well as reports from the Federal Competitiveness and Statistics Authority, show that non-oil sectors today contribute to more than two thirds of the UAE’s GDP. These sectors have become the main stimulator of the overall economic growth. Growth of the overall economy is at 4.6 per cent while growth in the non-oil sectors registered 8.1 per cent in 2014.
GDP in 2014 reached Dh1466.9 trillion at current prices, while the GDP at constant prices reached Dh1154.8 trillion in 2014. Real GDP growth reached 4.6 per cent in 2014 and is expected to grow in 2015 by 3 to 3.5 per cent.
Non-oil sectors recorded strong growth in GDP at current prices and reached 8.1 per cent in 2014, and the contribution of non-oil sectors in the national economy reached 68.6 per cent of GDP at constant prices in 2014.
This contribution is expected to reach 80 per cent in 2021 through intensive investment in the industrial and tourism sectors, air and maritime transportation, import and re-export as well as through supporting activities based on the knowledge economy.
Information released in the WTO Trends in International Trade report has confirmed that the UAE is on the right approach to improving its trading system and progress year after year to new levels.
The report concluded by saying that the UAE took first position among Arab countries and was 22nd worldwide in the global investment index for 2015, thanks to the ability of its sectors to attract foreign investment.