The Prime Minister and ruler of UAE, Sheikh Mohammed bin Rashid Al – Maktoum, tweeted on Monday that the foreign trade of the UAE would strike upto 2.2 trillion dirhams ($599 billion) in 2022, which is high up to 17% yearly.
The Gulf State, the leading OPEC producer, has heavily invested in logistics infrastructure and transport and in expanding economic partnerships to diversify away from hydrocarbons and become a global trade junction.
The ministry of economy said that Non – oil exports grew 6% in 2022 from the previous year to 366 billion dirhams but still were up by 52% from 2019, while the imports rose from 22% to 1.25 trillion dirhams, and the re-exports were noted around 21% till 2021.
The country aims to expand bilateral non-oil trade to $ 100 billion with India in the next five years after completing a wide-ranging free trade agreement last year. Also, its other trade partners include Saudi Arabia, China, and the United States.
Apart from this, trade with Turkey increased up to 40% in 2022, the fastest growth rate among its top ten export markets. However. The UAE initiated negotiations for a free trade agreement with Turkey last year, the talks of which are anticipated to conclude in the first quarter.
In a brief note on Sunday, UAE Minister for foreign trade Thani Al Zeyoudi said UAE exports to Turkey grew about 109% in 2002, to almost 20.7 billion dirhams, while on the other hand, the imports from Turkey rose to 15% to 40.3 billion dirhams. He concluded that Turkey was now UAE’s sixth largest trading partner.
Trade deals with Cambodia and Georgia are also anticipated to be finalized in the first quarter. Negotiations on the agreement with Ukraine are based on the starting off in the first quarter.
The report announces the oil prices in the UAE. Also, the non-oil foreign trade of the UAE, which rose to 17% in 2022, is discussed in the above report.