UAE's non-oil trade jumps 17% to $287bn in first half of 2022

Emirates' non-oil exports increased 8% annually to more than $49bn in the first six months of the year

Dubai skyline. The UAE announced that non-oil trade exceeded the Dh1 trillion mark for the first time. AFP

The UAE's non-oil trade rose 17 per cent to about Dh1.053 trillion ($286.73 billion) in the first half of the year, from the same period in 2021, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said on Monday.

This is the first time the country's non-oil trade exceeded the Dh1tn mark, according to government figures.

The UAE's non-oil exports increased 8 per cent to Dh180bn in the first six months of the year compared with the same period in 2021.

Non-oil imports hit a record Dh580bn during the first half, up 19 per cent from the year before.

Re-exports reached nearly Dh300bn for the first time, increasing 20 per cent year-on-year.

“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 said.

The latest data comes as the UAE’s economy rebounds strongly from the pandemic-induced slowdown on the back of government measures and higher oil prices.

The Arab world’s second-largest economy, which expanded by 3.8 per cent in 2021, is forecast to grow by 5.4 per cent and 4.2 per cent in 2022 and 2023, respectively, according to the latest projections from the Central Bank of the UAE.

The country's economy grew by 8.2 per cent in the first three months of this year.

The UAE is also signing economic partnership deals to stimulate trade and boost investments.

It signed Comprehensive Economic Partnership Agreements with India, Israel and Indonesia this year and is negotiating similar deals with other countries.

“Once again, the UAE has proven to the world the recovery of international trade after the most difficult pandemic that humanity has gone through,” Sheikh Mohammed said on Twitter.

The country is adopting “commercial and economic openness” and strengthening its infrastructure and legislative framework, Minister of Economy Abdulla bin Touq said in a separate statement.

Mr bin Touq added that the first-half levels of non-oil trade mark the beginning of an “unprecedented phase of economic development in the history of the country”, the statement said.

The UAE aims to expand its trade with the world and position trade as a major contributor to the doubling of the national economy by 2030, Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, said,

The record growth in non-oil trade performance came as a result of the forward-looking plans and various initiatives undertaken by the UAE to develop and diversify its exports, he said.