UAE non-oil trade hits AED1.750 tn

ABU DHABI / WAM

The UAE Ministry of Economy has said that the value of the country’s non-oil foreign trade reached AED1.75 trillion (US$476.4 billion) in 2015, a growth of up to 10 percent from 2014, according to its report. The figures in the first half of 2015 are positive indicators for the UAE’s foreign trade, including direct trade.
In its report, the Ministry of Economy pointed out that the figures show a rise in the country’s competitiveness as a capital of regional trade, noting that the volume of the UAE’s non-oil trade (inclusive of free zones trade) was valued at AED1. 632 trillion (US$444.3 billion) in 2014, while its direct trade totalled AED1.072 trillion ($291.9 billion), and the value of imports reached AED696.4 billion ($189.6 billion). World Trade Organisation, WTO, figures show that the UAE’s exports amounted to AED132.2 billion ($36 billion) and re-exports
totalled AED243.7 billion ($66.3 billion).
The Ministry of Economy also noted that the raise in the volume of UAE trade zones in 2014 amounted to about AED560 billion ($152.4 billion), confirming that the country managed to achieve the top rank in International Trade Statistics for 2015 released by the WTO.
According to the report, the UAE maintained its top ranking on the world trade map, coming 16th globally in commodity exports and 20th globally in commodity imports. In the area of service trade, the UAE ranked 19th globally as service importer, and 42nd globally in service exports.
The Ministry of Economy says that the figures and data contained in the WTO International Trade Statistics 2015
are promising, and reflect the continued success of the
UAE’s economic policies year after year.
This success has boosted the UAE’s position on the global trade arena and it is expected that the UAE will achieve more growth and progress as well
as more positive results on
all levels that come as part of the Federal Government’s
implementation of the UAE Vision 2021 and its National Agenda.
The WTO report offers an overview of the development the UAE experienced in the international commodity and service trade. The UAE made intensive efforts over the past years, represented by its opening up its economy to foreign trade and investment with the aim of increasing growth opportunities and achieving the well-being of its people and residents.
Dubai’s win of the bid to host the World Expo 2020 and the groundbreaking development projects carried out by the UAE in several sectors, supported by many prestigious national initiatives such as the national innovation strategy, have together given a boost to ongoing efforts aimed at raising the country’s profile and competitiveness to better improve the performance of various sectors, including trade.
The UAE has maintained its position as the most important market for exports and imports of goods in the Middle East and Africa countries.
The sector of Small and Medium-size Enterprises, SMEs, in the coming future will see a new phase of growth and development and will witness a significant turn during the coming phase with the start of the practical steps for the implementation of Federal Law No. 02 of 2014 on projects for Small and Medium-sized Enterprises.
The National Programme for Small and Medium-Sized Enterprises and Projects aims to draw up the general outlines pertaining to the provision of technical, administrative, and training expertise and support in various fields for ensuring the continued development of small and medium enterprises.
The programme will co-ordinate with federal and local government entities, and the private sector, for the purpose of marketing SME products in the UAE and abroad.