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UAE’s non-oil trade with G20 nations soars to $341 billion

UAE trade with G20 countries represents 55% of all international non-oil trade.

UAE’s non-oil trade with G20 nations soars to $341 billion
[Source photo: Anvita Gupta/Fast Company Middle East]

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In 2022, the UAE saw its non-oil trade with G20 countries increase to $341 billion, marking a significant 21% growth compared to the previous year. This volume represented approximately 55% of the UAE’s total non-oil trade.

Dr. Thani bin Ahmed Al Zeyoudi, the Minister of State for Foreign Trade, emphasized the growing strength of the UAE’s trade and investment relations with G20 countries during his participation in the 2023 G20 New Delhi Summit.

“G20 countries are the UAE’s largest trading partners, accounting for 43 percent of its non-oil exports, 39 percent of re-exports, and 67 percent of imports,” the minister added.

Dr. Al Zeyoudi highlighted that the UAE’s non-oil trade with G20 nations exhibited substantial growth trends, with a 56% increase in 2022 compared to 2020 and a 34% rise from 2019. This growth trajectory extended into the first half of 2023, with non-oil trade reaching $181.9 billion, representing a 14.4% increase compared to the same period in 2022.

Dr. Al Zeyoudi noted that the UAE’s non-oil exports to G20 countries experienced a robust growth of 10.6% in the first half of 2023, totaling $23.4 billion. Additionally, re-exports to these countries surged by 14% to reach $38 billion, while imports increased by 15.2% to $120.5 billion during the same period.

He attributed this impressive growth to the UAE’s diversified economy and strategic geographical location, both enhancing its attractiveness as a hub for trade and investment. He further highlighted the UAE’s commitment to bolstering its relationships with G20 nations, exemplified by various initiatives, including establishing the G20 Business Forum in 2022.

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

Dr. Al Zeyoudi elaborated that the total investment balance of G20 nations in the UAE is also substantial, amounting to $74.2 billion. This represents 43.3% of all foreign direct investment (FDI) into the UAE.

Dr. Al Zeyoudi emphasized that the UAE’s invitation to the G20 Summit signifies recognition of its standing as a significant economic player and a vital partner in the global trade framework. He underlined the UAE’s pivotal role as a major conduit for the movement of goods and services and its dedication to promoting fair and equal access to the global trading system for all nations.

Lastly, he stressed the crucial role of international collaboration in bolstering resilience within global value chains.

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