The UAE saw a growth in its export rates by 6% during the period between January and August 2020, compared to the same period last year 2019, reports Al-Bayan newspaper.
The contribution of non-oil exports to the country’s total non-oil foreign trade increased from 14.3% to 17.5% during the same comparison period, and the positive side’s contribution to trade (total exports and re-exports) increased from 44% to 45%.
This came in a study prepared by the Ministry of Economy on the performance of the state’s non-oil foreign trade during the period from January to August of this year, which witnessed the spread of COVID-19 on a global scale, and its implications for the reality of international trade.
The study indicated that the total non-oil foreign trade of the state witnessed a growth of 13.6% in August 2020 alone compared with August 2019, and that in this same month, Emirati exports achieved a significant growth leap, reaching 46%. In addition, the UAE imports in August itself grew by 14.9%.
“The UAE is a vital center for trade and business in the region and the world. Thanks to the support and wise vision of our wise leadership, the UAE’s non-oil foreign trade is entering the recovery phase, as the country was one of the fastest in the region to adopt a clear methodology to support the economy in the face of the repercussions of the COVID-19 pandemic abiding by a sustainable, resilient, and competitive model.”Abdulla Bin Touq, UAE’s Minister of Economy
By implementing a bundle of 33 specific initiatives to support the economic sectors in the country, the ministry vows that it will work to revitalize national markets, increase production, support the private sector, and generate various commercial and investment opportunities that will be an incentive to expand UAE’s network of commercial relations with various global markets.
According to Minister of State for Foreign Trade Thani bin Ahmed Al-Zeyoudi, the results of the country’s non-oil foreign trade performance during the first eight months of this year demonstrated the country’s high commercial capabilities and its growing export potential, even in light of the repercussions imposed by the “Covid 19” pandemic on trade activities. In various parts of the world.
He said that at a time when most of the world’s economies are witnessing an understandable decline in their foreign trade as a result of restrictions and reduced demand resulting from the spread of coronavirus across the world, the UAE is making important development leaps in its non-oil exports and its foreign trade is entering the recovery phase at good rates, with important results in Reducing the trade balance deficit.
This reflects in a practical way on the quality and efficiency of the country’s trade policies, the high confidence and the positive reputation it enjoys in global markets, and its pivotal role in facilitating trade even in times of crisis and unusual circumstances.
By comparing the months of 2020 with the corresponding months of last year, the study revealed that the country’s total non-oil foreign trade witnessed a growth in January and February 2020 compared to the same two months of 2019.
With a monthly comparison of non-oil exports, the state’s trade grew in January and February of this year compared to the same two months of last year, and despite Corona, exports grew in June of this year by 29%, to a significant jump in August of 46%.
The study monitored the most important non-oil foreign trade markets for the UAE during July and August 2020. China ranked first and accounted for 11% of the UAE’s total non-oil foreign trade with the world during these two months, followed by Saudi Arabia in second place with 6.8%, then India third with 6.4%, followed by Switzerland fourth with 3.7%, and Iraq came In fifth place, acquiring 3.6%.
In terms of export markets, Switzerland ranked first as the largest future of the UAE’s non-oil exports in July and August 2020, accounting for 14% of the total UAE exports to the world, followed by Italy, with 10.2%, then India, the third with 8.9%, and Hong Kong. Fourth, with 8.6%, and in fifth place, the Kingdom of Saudi Arabia, with 8.2%.
With regard to imports, China was the largest supplier to the country and accounted for 16.3% of the total imports of the UAE from the world, followed by India with 6.8%, the United States of America ranked third with 6.6%, Guinea fourth with 4.5%, and then the Kingdom of Saudi Arabia. Saudi Arabia is fifth, at 3.7%.
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