UAE’s non-oil trade reaches $381bn in 2020 despite pandemic headwinds

 UAE’s non-oil trade reaches $381bn in 2020 despite pandemic headwinds

The value of the UAE’s non-oil foreign trade reached Dh1.4 trillion ($381.47 billion) in 2020, as the Arab world’s second-largest economy braved pandemic-driven uncertainties and continue the trade momentum.

The country’s non-oil exports grew 10.1 per cent year-on-year to Dh254.6bn in 2020, as the UAE “commands a coveted position globally and regionally in merchandise trade”, state news agency Wam reported on Wednesday, citing data released by the Federal Centre for Competitiveness and Statistics (FCSA).

Non-oil imports to the UAE hit Dh785.1bn, accounting for 56 per cent of the total merchandise trade last year. Re-exports from the country accounted for 26 per cent, with a value of Dh363.4bn of the total trade volume in 2020, Wam said.

The UAE, the commercial and trading hub of the Middle East, maintained strong trade activity last year, despite the Covid-19 pandemic, which severely disrupted economic momentum and hampered…

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