UAE reports 36.5% quarterly rise in non-oil foreign trade in Q3-20

SectorOil & Gas

UAE - Mubasher: The UAE's non-oil foreign trade grew by 36.5% during the third quarter (Q3) of 2020, when compared to the earlier quarter, despite the coronavirus (COVID-19) repercussions on international trade. The contribution of exports to the UAE's non-oil foreign trade rose by 40.8% quarter-on-quarter (QoQ) in Q3-20. The exports account for 19.9% of the UAE's non-oil foreign trade. Furthermore, the non-oil imports increased by 23.5% QoQ in the July-September period in 2020 to represent 51.7% of the country's total non-oil foreign trade.

The UAE reported a 64% rise in the re-exports, which accounted for 28.4% of the non-oil foreign trade. Meanwhile, the UAE ranked among the world's top 20 countries in 16 competitiveness indicators for the foreign trade sector during 2020, as shown by a recent report by the Federal Competitiveness and Statistics Authority (FCSA). During the first nine months of 2020, commodities, including machinery and appliances, have contributed to 26.8% of the UAE's non-oil foreign trade to record a value of around AED 277 billion. The contribution of commodities to the country's non-oil trade is followed by gold, diamonds, and jewelry with 24.5% to be valued at around AED 255 billion and transportation equipment with more...