UAE’s foreign trade exceeds ‘pre-pandemic’ level in 9 months

UAE’s foreign trade exceeds ‘pre-pandemic’ level in 9 months

UAE’s foreign trade exceeds ‘pre-pandemic’ level in 9 months

dr Minister of State for Foreign Trade Thani bin Ahmed Al-Zeyoudi confirmed that the UAE’s push for more global economic partnerships is reflected in the value of the country’s non-oil foreign trade, which recorded unprecedented historical numbers in the first nine months of 2022 by surpassing 1,637 trillion dirhams, with a 19.% growth compared to the same period in 2021, a 50% increase compared to the same period in 2020 and a 30% increase compared to the same period in 2019. He said: “ It has solidified its recovery from the impact of the Covid-19 pandemic and is again posting higher rates than before.”

Al-Zeyoudi added in an opinion piece that “this has coincided with a noticeable increase in the country’s non-oil exports, which accounted for 20% of total foreign trade, compared to 12% five years ago, as well as re-exports, which are currently Contribute to 45%, while the share of foreign trade declined.” Imports accounted for 55%, compared with more than 62% five years ago.

He pointed out that “this confirms that the strategy of economic diversification is progressing successfully, along with the growth and expansion of our foreign trade, which also proves that we want to double the gross domestic product to 3 trillion dirhams by 2030, of which trade is one is an integral part, are also moving in the right direction in conjunction with efforts to consolidate the country’s position as a global business hub and a preferred destination for talented, innovative and creative ideas, as well as a haven for foreign direct investment seeking promising opportunities.

Al-Zeyoudi noted that “opening to the world is an authentic Emirati approach that the state has practiced since its inception as an active and trusted member of the international community, keen to contribute and work to address global challenges that are at its core economic challenges that today have become more urgent than ever.” gone.”

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