Abu Dhabi’s non-oil exports, re-exports jump 62.5%
UAE capital’s economic and trade relations
Abu Dhabi–Abu Dhabi’s non-oil exports and re-exports reached AED32.8 billion between June and August 2020, up 62.5 per cent compared to AED20.2 billion recorded between March and May this year, the latest report issued by the Abu Dhabi Department of Economic Development, ADDED, showed.
The recently released report reveals the emirate’s exports and re-exports of non-oil goods amid the coronavirus pandemic, particularly between March and August 2020.
Mohammed Ali Al Shorafa, Chairman of ADDED, said, “The recent results showcase the growth in Abu Dhabi’s non-oil exports and re-exports despite the global repercussions of the COVID-19 pandemic, which led to the current economic crisis that has negatively affected all countries.”
Al Shorafa attributed the growth to the UAE capital’s economic and trade relations with countries in the Middle East and around the world. He added that these well-established ties demonstrate the confidence of the global community and the rising demand for Abu Dhabi’s non-oil products. He added that the latest numbers have proved the regional and global competitiveness of local goods.
ADDED Chairman also reaffirmed the Abu Dhabi Government’s commitment to helping sustain the performance of the private companies that benefited from its economic stimulus package that was issued earlier for businesses affected by the crisis. The government has also been proactive in implementing precautionary measures to ensure business continuity in the emirate and ease the impact of the global pandemic on the private sector.
ADDED’s Chairman noted that the Department will further work towards strengthening Abu Dhabi’s exports of various products and commodities to achieve tangible economic returns and enhance the global competitiveness of the national products. He assured that ADDED will continue to support the local economy and preserve the emirate’s economic gains in line with the vision and directives of the Abu Dhabi Government’s leadership.
For his part, Rashed Abdul Karim Al Balooshi, Under-Secretary of ADDED, highlighted the vital role of the Department and its government partners in increasing the local non-oil exports and re-exports. Key initiatives and programmes have been launched to increase the share of non-oil sectors in Abu Dhabi’s gross domestic product, GDP, and bolster the emirate’s sustainable economic development.
Al Balooshi said, “The report’s positive results confirm that the concerted efforts made by different government entities and departments, in line with the Abu Dhabi Government’s vision and directives, have been effective. The emirate has solidified its leading position as one of the top regional and international commercial hubs.”
According to ADDED’s report, Saudi Arabia was the number one destination of Abu Dhabi’s non-oil goods between March and August 2020, with a total value amounting to AED15.3 billion. Apart from Saudi Arabia, Switzerland, Hong Kong, China and Kuwait also emerged as among the key trading partners of Abu Dhabi.
The non-oil exports and re-exports to these countries constituted 65.4 per cent of the emirate’s total exports from March until May 2020. Meanwhile, Saudi Arabia, Hong Kong, Italy, Switzerland and Singapore accounted for 67.8 per cent of the total non-oil exports and re-exports recorded between June and August 2020.
Industry supplies; transport equipment, parts and accessories; and food and beverage, F&B, products accounted for 88.7 per cent of the total non-oil exports and re-exports from June to August 2020. Between March and May this year, the share of three economic categories stood at 83.2 per cent.
Pearl products, precious and semi-precious stones, and imitation jewellery; equipment for vehicles, aeroplanes, ships and similar means of transportation; metals and their related products accounted for 67 per cent of the total non-oil exported and re-exported goods from June to August 2020.
The share of plastics and rubber and their products; pearl products, precious and semi-precious stones, and imitation jewellery; metals and their related products stood at 51.1 per cent between March and May this year.-WAM