UAE’s Non-Oil Trade with G20 Nations Surges to $341 Billion: Minister of State for Foreign Trade
Dr. Thani bin Ahmed Al Zeyoudi, the Minister of State for Foreign Trade, has emphasized the strengthening trade and investment ties between the UAE and G20 countries, highlighting the remarkable growth in non-oil trade between the two parties.
In 2022, the UAE’s non-oil trade with G20 nations reached an impressive $341 billion, accounting for 55% of the UAE’s total non-oil trade. This marks a substantial 21% increase from 2021 and an even more remarkable 56% and 34% increase from 2020 and 2019, respectively, as stated by the minister during his participation in the 2023 G20 New Delhi Summit, representing the UAE in India.
Dr. Al Zeyoudi underscored the significance of G20 countries as the UAE’s primary trading partners, constituting 43% of non-oil exports, 39% of re-exports, and 67% of imports.
These robust trade and investment relations demonstrate the UAE’s unwavering commitment to open and free trade, positioning the country as a key player in the global economy. The UAE continues to foster partnerships and strengthen connections with nations worldwide.
Highlighting the substantial growth, Dr. Al Zeyoudi noted that the UAE’s non-oil trade with G20 nations experienced an impressive 56% increase in 2022 compared to 2020, and a 34% surge from 2019 levels. The positive momentum continued into the first half of 2023, with non-oil trade totaling $181.9 billion, marking a 14.4% increase from the same period in 2022.
Dr. Al Zeyoudi provided further insights into the growth trends, stating, “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. Imports increased by 15.2% to $120.5 billion.”
The minister also shed light on the burgeoning investment relations between the UAE and G20 nations. By the end of 2021, Emirati direct investments in G20 countries exceeded $215 billion, constituting 92.5% of all Emirati investments globally. Moreover, G20 countries collectively contributed over $74.2 billion in foreign direct investment (FDI) into the UAE, accounting for 43.3% of all FDI inflows.
Dr. Al Zeyoudi emphasized that the UAE’s invitation to the G20 Summit is a recognition of its status as a major economic powerhouse, a crucial participant in the global trade system, and a responsible global actor. The UAE stands as a pivotal gateway for the flow of goods and services and an active member of the international community.
Furthermore, Dr. Al Zeyoudi reaffirmed the UAE’s commitment to ensuring fair and inclusive access to the global trading system for nations in the Global South, acknowledging trade as a catalyst for industrial growth, job creation, and knowledge exchange.
He also stressed the significance of cross-border cooperation in enhancing resilience within global value chains, emphasizing the need to bolster the participation of small and medium-sized businesses and promote diversification of import sources, particularly in critical sectors.
