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UAE's Non-Oil Foreign Trade Hits $517 Billion

UAE non-oil exports achieve a new record, with a growth of 33% from 2020 (WAM)
UAE non-oil exports achieve a new record, with a growth of 33% from 2020 (WAM)
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UAE's Non-Oil Foreign Trade Hits $517 Billion

UAE non-oil exports achieve a new record, with a growth of 33% from 2020 (WAM)
UAE non-oil exports achieve a new record, with a growth of 33% from 2020 (WAM)

UAE's non-oil foreign trade reached 1.9 trillion dirhams ($517 billion) in 2021, representing a 27 percent increase from 2020 and an 11 percent increase from 2019.

In all areas of trade, including exports, imports, and reexports, growth was consistent.

The value of non-oil exports reached a record high of 354 billion dirhams ($96.3 billion), exceeding 300 billion dirhams ($81.6 billion) for the very first time in its history, representing a growth of 33.3 percent over the December 2020 figure and 47.3 percent over the December 2019 figure.

A statement from UAE Minister of Economy Abdulla Bin Touq Al Marri said that the UAE's foreign trade has passed the point of recovery from the effect of the Covid-19 pandemic on global trade and has entered an advanced stage of growth and prosperity today, with an increase of more than 11 percent over pre-pandemic levels.

“The all-encompassing nature of the positive results of import and export activities and re-exports in all the emirates of the country reflects a systematic and integrated growth based on flexible and highly efficient trade policies and sustainable development measures.”

Minister of State for Foreign Trade Thani Al Zeyoudi said that trade activity in the UAE saw an acceptable growth average over the past two years. As foreign trade grows, it is showing more positivity today.

Re-exports were valued at 521.3 billion dirhams ($141.8 billion) in 2021, showing a growth of 27.7 percent compared to 2020 and 1.6 percent compared to 2019.

Meanwhile, the total value of the country's imports during 2021 amounted to about 1 trillion dirhams ($272 billion), showing a growth of 23.8 percent over the year 2020, and about 7 percent from 2019.

China ranked first as the country's largest trading partner in 2021. India ranked second, which accounts for 8.7 percent of the country's total non-oil trade, followed by Saudi Arabia in the third position with a contribution of 6.6 percent.

The fourth went to the United States, whose trade exchange has grown by 8.1 percent since 2020. Iraq ranked in the fifth place.

About the country's export destinations, India emerged as the top destination. KSA became second largest recipient of the UAE exports.

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Facing Market Pain, UK’s Reeves Says ‘Pragmatic’ China Ties Will Help Growth

British Chancellor of the Exchequer Rachel Reeves looks on during the 11th China - UK Economy and Finance Dialogue in Beijing, China, 11 January 2025. (EPA)
British Chancellor of the Exchequer Rachel Reeves looks on during the 11th China - UK Economy and Finance Dialogue in Beijing, China, 11 January 2025. (EPA)
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Facing Market Pain, UK’s Reeves Says ‘Pragmatic’ China Ties Will Help Growth

British Chancellor of the Exchequer Rachel Reeves looks on during the 11th China - UK Economy and Finance Dialogue in Beijing, China, 11 January 2025. (EPA)
British Chancellor of the Exchequer Rachel Reeves looks on during the 11th China - UK Economy and Finance Dialogue in Beijing, China, 11 January 2025. (EPA)

British finance minister Rachel Reeves, facing criticism for travelling to China during financial market turmoil at home, said on Saturday that "pragmatic and predictable" relations with Beijing would help boost economic growth and trade.

Under pressure from a sharp rise in British interest rates, Reeves defended her budget at the start of the two-day visit to China, where she is seeking to revive high-level economic and financial talks that have been frozen for nearly six years.

"The fiscal rules that I set out in my budget in October are non-negotiable, and growth is the number one mission of this government to make our country better off," Reeves told reporters at a Brompton bicycle shop in Beijing.

"That's why I'm in China to unlock tangible benefits for British businesses exporting and trading around the world to ensure that we have greater access to the second-largest economy in the world."

The rise in British government borrowing costs, due in part to a global bond selloff, prompted comparisons with the 2022 "mini-budget" crisis that forced then-Prime Minister Liz Truss out of Downing Street.

However, this week's market moves have been less sharp and there has so far been no evidence of the strain on institutional investors that forced the Bank of England into emergency bond purchases in 2022.

On trade, asked whether Britain would follow Washington and Brussels in imposing tariffs on Chinese electric vehicles, Reeves, who will be in Shanghai on Sunday, said: "We keep issues under review but we make decisions in our national interest."

British car manufacturers, "like Jaguar Land Rover, export substantially to Chinese markets, and we want to help them to grow."

After her bicycle shop visit, Reeves met Vice President Han Zheng, telling him it was "important to have open and frank dialogue in areas where we agree, but also in areas where we have different views."

'COMMON GROUND'

Her delegation, which includes Bank of England Governor Andrew Bailey, Standard Chartered Chairman Jose Vinals, and HSBC Chairman Mark Tucker, then met Chinese counterparts led by Vice Premier He Lifeng.

He urged British financial firms to expand renminbi services and promote deeper yuan internationalization, while inviting them to participate in green finance and the pension industry in China.

Reeves said she looked forward to China issuing its first overseas sovereign green bond in London this year.

Her visit follows a dialogue opened last year between Prime Minister Keir Starmer and President Xi Jinping, the first between the two countries' leaders since 2018.

Reeves told He that Russia's invasion of Ukraine, rising geopolitical tensions and climate change meant that they faced a much more challenging environment than when their predecessors last met.

"It is important to prevent economic leaps weakening our national security and economic resilience," she said, adding both she and He wanted to "find common ground" in this regard.

He said Beijing will work with London to ensure a fair, non-discriminatory business environment for each country's firms.

The approach adopted by Starmer's Labor government, elected in July, contrasts with that of the previous Conservative administration, which took a robust path to differences with China - particularly over human rights, Hong Kong and allegations of Chinese espionage.

Starmer has long described his desire to build a relationship with China that is "rooted in the UK's national interests" by boosting trade, a task that may become more difficult if US President-elect Donald Trump follows through on his threat to impose tariffs on all imports.

China is Britain's fourth-largest trading partner, accounting for goods and services trade worth almost 113 billion pounds ($138 billion).