$182 billion in UAE trade with the “twenty” in the first half, with a growth of 14.4%

September 8th
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 continuing to develop and prosper, which is reflected in the non-oil trade data between the two sides, which recorded 1.25 trillion dirhams ($341 billion) during 2022, equivalent to 55% of the country’s total foreign trade, an increase of 21% compared to 2021, and an increase of 56% and 34% compared to 2020 and 2019, respectively. Al-Zeyoudi added, on the sidelines of his participation in the G20 summit meetings, that 43% of the UAE’s non-oil exports go to the G20 countries, which also account for 39% of re-exports from the UAE. In contrast, 67% of the UAE’s merchandise imports come from the G20 countries. .

He explained that the UAE’s non-oil trade with the G20 countries achieved a growth of 56% during the year 2022 compared to 2020, and an increase of 34% compared to the year 2019, indicating the continuation of the upward trend in non-oil trade growth indicators between the UAE and the G20 countries during the first half of this year. 2023, as it increased by 14.4% compared to the same period of the previous year, to record 668 billion dirhams ($182 billion). He stated that non-oil UAE exports increased during the first half of this year by 10.6% to 86 billion dirhams ($23.4 billion), and the total value of re-exports from the UAE to the G20 countries also increased by 14% to 139.5 billion dirhams ($38 billion). UAE imports increased during the same period by 15.2% to 442 billion dirhams ($120.5 billion).

Investment flow

Al-Zeyoudi added that investment relations between the UAE and the G20 countries are also witnessing a boom similar to that recorded by intra-trade flows, as the total balance of direct UAE investments in the G20 countries reached more than $215 billion by the end of 2021, with a share of 92.5% of UAE investments around the world. While the total investment balance of the G20 countries combined in the UAE amounted to more than $74.2 billion, with a share of 43.3% of the total foreign direct investment coming into the country from various countries of the world.

He said that the invitation of the UAE to participate in the 18th summit of heads of state and government of the Group of Twenty (G20 Summit) in New Delhi reflects the country’s increasing global status as a reliable trading partner for major and leading economies around the world. It also reflects the size of the country’s influence as an effective member of the international community and its status as a global center for trade. And business, and a major gateway for the flow of goods and services between parts of the world.

Minister Al-Zeyoudi continued that the preparatory ministerial meetings that preceded the G20 summit witnessed very constructive discussions, and many recommendations were submitted to the summit of the group’s leaders, which will be held on September 9 and 10 in India, with the aim of promoting global trade and ensuring continued growth and economic development. For all countries in the long term. He pointed out that the UAE had called, during the two G20 ministerial meetings on business, trade and investment in India at the end of last August, for mobilizing international efforts to adopt a global trade system that is open, comprehensive, and based on pluralism, and that adopts modern technology to ensure the flow of goods, merchandise, and services between parts of the world. Without obstacles, the UAE also renewed its commitment to working to ensure equitable and comprehensive access to the global trade system for the countries of the South, based on its awareness of the role of trade as a catalyst for industrial productivity, job generation and knowledge exchange.

Economic governance

Al-Zeyoudi pointed out that the UAE had also participated effectively, through a high-level delegation of senior officials and representatives of the Emirati business community, in the meetings of the Business Group of Twenty (B20), which is the official dialogue forum for the G20 and represents the global business community, during which leaders presented Businesses from around the world shared their views on global economic and trade governance issues. This year’s meetings were attended by more than 800 participants including ministers, senior government officials, CEOs and representatives of the business communities. Al-Zeyoudi stated that the discussions that took place in these meetings resulted in many important recommendations to be discussed during the G20 Leaders’ Summit, related to comprehensive global value chains, the future of work, skills and mobility, digital transformation, financing the global economic recovery, energy and climate change, and resource efficiency. (wam)