Media ININ Economy We Trust
September 10
The number of products exported by the United Arab Emirates during the past year 2022 reached nearly 16,000 products, which varied in many sectors, including agricultural, industrial, service, pharmaceutical, and others, and it is likely that about 1,850 new products will enter as they constitute new export opportunities. The Diverse Opportunities Report recently issued by the United Nations Trade and Development Organization (UNCTAD) 2022, entitled (New Export Potential for 133 Global Economies According to Economic Analysis for Each Country), revealed that the UAE is one of the most important new economies and global markets that play a prominent role in export and re-export operations. And local production.
The report indicated that the total number of various products currently exported by the UAE is close to 16,000, with strong opportunities to add about 1,850 products distributed as follows: 975 new products, and 874 products that are complex industries.
The report added: There are strong opportunities to increase exports of complex products, by rates of up to 90%, as well as more complex products, by rates of up to 84%, indicating at the same time that these large capabilities will enable the state to replace 61% of its total imports of complex products. And the most complicated.
promising sectors
As for the most important sectors that represent new and potential export opportunities, organic products and chemicals came first, with an increase in export opportunities by about 16%, then pharmaceutical products second with opportunities that increased by more than 14%, then machinery and office equipment with 11%, then iron and steel came with about 8%. Inorganic chemicals, compounds of precious metals and isotopes with 7%, then wood pulp, cellulosic materials and waste with 6%, plastic and similar items with 5%, meat products and edible meat waste in eighth place with 5%, electrical and electronic equipment with 3%, then mineral fuels and oils. and distillation products at 2%, and various other products at varying rates of 24%.
Global trade
The UAE is one of the most prominent and important global trade markets, as its non-oil foreign trade recorded record growth levels for the first half of this year, continuing its upward trajectory that it started several years ago.
In six months, UAE trade reached 1.24 trillion dirhams, a growth of 14.4%, compared to the same period of 2022, and an increase of 3% compared to the second half of last year. Non-oil exports also continued to grow significantly, exceeding in six months what they achieved in 2018. Perfect, just five years ago.
Non-oil exports, with the top 10 global trading partners, increased by 22% this year, and the record growth of non-oil foreign trade coincided with a continuous increase in the value of non-oil exports during the first half of 2023, as it exceeded 205 billion dirhams, a growth of 11.9%, compared to In the first half of 2022, with a growth of 5.4%, compared to the second half of 2022.
During the first half of 2023, non-oil exports exceeded the total value of exports achieved in 2017 as a whole, and approached the figure recorded in 2018, amounting to 212 billion dirhams, or 97% of the total non-oil exports during this year.
The contribution of non-oil exports to the country’s foreign trade also continued its upward trajectory, recording 16.6%, compared to its estimated share of 14.2% during the same period of 2019.
The record growth in both total foreign trade and non-oil exports was accompanied by a similar increase in re-exports, which recorded during the first half of 2023 a value of 341 billion dirhams, a growth of 9.9% compared to the first half of 2022, and 2.2% compared to the second half of 2022. Imports also increased to 693 billion dirhams, a growth of 17.5% compared to the first half of 2022, and by 2.6% compared to the second half of 2022.
Comprehensive partnerships
Economic agreements and comprehensive partnerships with many countries and major global destinations, most notably India, Israel, Turkey and Indonesia, which entered into force successively, the most recent of which was Turkey and Indonesia in early September, had a significant impact on increasing the flow of the country’s exports and re-exports to the most important foreign markets.
These partnerships open new markets and provide promising opportunities for Emirati exports and investments in the most important economic growth regions in the world. The start of implementation of the agreements constitutes incentives for the flow of intra-oil non-oil trade, and an important milestone in the plans to expand the country’s network of trading partners around the world.
10 sectors with the highest export opportunities:
organic chemicals
Pharmaceutical products
machines and devices
Iron and steel
inorganic chemicals
Wood pulp and waste
Plastic
Meat and edible offal
Electricals and electronics
Mineral fuels and distillation products
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