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HomeWorldUAE-Saudi trade reaches AED 586.75 billion in 5 years - World News...

UAE-Saudi trade reaches AED 586.75 billion in 5 years – World News Network

Abu Dhabi [UAE], September 22 (ANI/WAM): The volume of trade exchange between the UAE and the Kingdom of Saudi Arabia grew by 28 per cent in 2022, reaching AED 137.51 billion, compared to AED 107.41 billion in 2018. This brings the total non-oil trade between the two countries to AED 586.75 billion over five years.
As per Ministry of Economy data, in 2022, the bilateral trade between the two countries was divided into AED 34.31 billion in imports, AED 36.01 billion in non-oil exports, and AED 67.18 billion in re-exports.
The statistics included data on trade exchange between the two countries during the period from 2018 to 2022, indicating the growth of trade exchange between the two sides in 2019 to reach AED 113.25 billion, compared to AED 107.41 billion in 2018.
The year 2021 also recorded growth, reaching AED 124.65 billion, compared to AED 103.91 billion in 2020. The volume of trade exchange between the two sides reached AED 137.51 billion last year.
The fruitful relations between the two countries have had a positive impact on the comprehensive and sustainable development in both countries in various fields, including trade exchange, economic cooperation, and joint investment. This serves the process of progress and sustainable development and is in the interest of improving the quality of life and the well-being and prosperity of the two brotherly peoples.
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. (ANI/WAM)


Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News


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