UAE's non-oil trade with G20 countries record 21% growth

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said that trade and investment relations between the UAE and the G20 countries are strengthening.

“In 2022, non-oil trade between the two sides hit $341 billion, which is 55% of the UAE's total non-oil trade. This represents a 21% increase from 2021, and a 56% and 34% up from 2020 and 2019, respectively,”

the minister told in India where he is representing the UAE at the 2023 G20 New Delhi Summit.

“G20 countries are the UAE's largest trading partners, accounting for 43% of its non-oil exports, 39% ofr e-exports, and 67% of imports,”

the minister explained.

“These strong trade and investment relations are a testament to the UAE's commitment to open and free trade. The UAE is a major player in the global economy, and it is working to strengthen its ties with other countries around the world.”

Al Zeyoudi noted that the UAE's non-oil trade with the G20 countries grew significantly in 2022, up 56% from 2020 and 34% from 2019.

“This upward trajectory continued in the first half of 2023, with non-oil trade reaching $181.9 billion, up 14.4% from the same period in 2022.

“The UAE's non-oil exports to G20 countries grew by 10.6% in the first half of 2023, reaching a total of $23.4 billion. The value of re-exports to these countries also rose by 14% to $38 billion. The imports increased by 15.2% to $120.5 billion.”

The UAE's investment relations with G20 countries, the minister continued, are booming, with the total balance of direct Emirati investments in these countries reaching more than $215 billion by the end of 2021. This represents 92.5% of all Emirati investments worldwide.

“The total investment balance of G20 countries in the UAE is also significant, reaching more than $74.2 billion, accounting for 43.3% of all foreign direct investment (FDI) into the UAE."

The minister said that the UAE's invitation to the G20 Summit is a recognition of its status as a major economic player, a key partner in the global trading system and a responsible global citizen. He, in this regard, highlighted the UAE's as a major gateway for the flow of goods and services, and an effective member of the international community.

Al Zeyoudi reiterated the UAE’s commitment to ensuring equitable, inclusive access to the global trading system for the nations of the Global South, underscoring the role of trade as a catalyst for industrial productivity, job creation and knowledge-sharing.

He further stressed the importance of cross-border cooperation in building resilience across global value chains, underlining the need to enhance the participation of small and medium sized businesses and encourage diversification of import sources, especially for critical sectors.

News Source: Emirates News Agency