Economy
20
September 23, 2023September 19, 2024
UAE-Saudi trade reaches AED 586.75 billion in 5 years

The trade volume between the United Arab Emirates (UAE) and the Kingdom of Saudi Arabia experienced a significant increase of 28 percent in 2022, reaching a total of AED 137.51 billion. This figure surpasses the previous year’s trade volume of AED 107.41 billion in 2018. Consequently, the cumulative non-oil trade between the two nations over the span of five years amounts to AED 586.75 billion.

According to data provided by the Ministry of Economy, the bilateral trade in 2022 was divided into AED 34.31 billion for imports, AED 36.01 billion for non-oil exports, and AED 67.18 billion for re-exports.

The statistics encompass the trade exchange between the two countries from 2018 to 2022, highlighting the growth in trade between the two parties in 2019, which reached AED 113.25 billion compared to AED 107.41 billion in 2018. Similarly, the year 2021 witnessed growth, with trade volume reaching AED 124.65 billion compared to AED 103.91 billion in 2020. The trade exchange between the two nations reached AED 137.51 billion in the previous year.

The mutually beneficial relations between the UAE and Saudi Arabia have positively influenced comprehensive and sustainable development in various sectors, including trade exchange, economic cooperation, and joint investments. This progress contributes to the advancement of sustainable development and enhances the quality of life, well-being, and prosperity of both nations’ citizens, who share a fraternal bond.

Saudi Arabia ranked third among the five largest destinations for non-oil UAE exports in the first half of 2023. UAE imports from Saudi Arabia accounted for 25 percent of total non-oil bilateral trade, while national exports and re-exports to Saudi Arabia made up 75% in 2022.

Saudi Arabia was the third trading partner for the UAE’s non-oil trade with the world in 2022. The UAE’s imports from Saudi Arabia grew to AED 34.49 billion in 2022, a 23 percent increase from 2018. The UAE’s non-oil exports to Saudi Arabia grew to AED 35.96 billion in 2022, a 14 percent increase from 2018.

The value of UAE re-exports to Saudi Arabia increased to AED 67.16 billion in 2022, a 40 percent rise from 2018. The UAE is the second-largest re-export market for Saudi Arabia, and is also the second-largest export destination and the third-largest import source for Saudi Arabia.

The economic, investment, and trade cooperation relations between the UAE and Saudi Arabia are witnessing increasing growth in various fields, which contributes to the strengthening, development, and prosperity of the two brotherly countries and peoples.