UAE Business: UAE 9-month non-oil trade soars 19% to $435.6bn – Gulf Digital News

UAE Business: UAE 9-month non-oil trade soars 19% to $435.6bn – Gulf Digital News

The UAE’s foreign non-oil trade created another record in the first nine months of 2022, totalling over AED1.6 trillion ($435.61 billion), a rise of 19 percent compared to the same period in 2021.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, said that despite the predictions of the World Trade Organisation (WTO) of a 3.5 percent decline in international trade this year, the UAE achieved a growth of 19 percent in the first nine months of the year.

He also expects the country’s foreign trade to grow to AED2.2 trillion by end of 2022, said a Wam news agency report.

“The UAE is an exception in global trade and economy, as well as in services, infrastructure and international relations,” he said, expressing optimism for a strong new year.

A report by the Ministry of Economy on the country’s non-oil foreign trade for the first nine months of this year showed that non-oil exports maintained their strong performance during this period, amounting to AED275 billion, an increase of 9 percent compared to the same period in 2021, and an increase of 43 percent, 53 percent, 73 percent and 99 percent compared to the same period in 2020,