UAE non-oil Foreign Trade Amounts to $476.4 bln in 2015

The UAE Ministry of Economy said in a report that that the value of the UAE's non-oil foreign trade reached AED 1.750 trillion (USD 476.4 billion) in 2015, a growth of up to 10 percent from 2014.

The figures in the first half of 2015 are positive indicators for the UAE's foreign trade, including direct trade. In its report, the Ministry of Economy pointed out that these figures show the rise of the country's competitiveness as a capital of regional trade, noting the volume of the UAE's non-oil trade (inclusive of free trade zones) valued at AED 1.632 trillion (USD 444.3 billion) in 2014, while its direct trade totaled AED 1.072 trillion (USD 291.9 billion), and the value of imports reached AED 696.4 billion (USD 189.6 billion).

The WTO figures show that the UAE's exports amounted to AED 132.2 billion (USD 36 billion) and re-exports totaled AED 243.7 billion (USD 66.3 billion).

The Ministry of Economy also noted the raise in the volume of the UAE trade zones in 2014 amounted to about AED560 billion (USD 152.4 billion), confirming that the country managed to achieve the top ranks in International Trade Statistics 2015 released by the World Trade Organization (WTO).

According to the report, the UAE maintained its top ranks on the World trade map and came 16th globally in commodity exports, and 20th globally in commodity imports. In the area of service trade, the UAE ranked 19th globally as service importer, and 42nd globally in service exports.

Commenting on these figures, Sultan bin Saeed Al-Mansouri, Minister of Economy, said that "The figures and data contained in the WTO International Trade Statistics 2015 are promising, and reflect the continued success of the UAE's economic policies year after year. This success has boosted the UAE's position on the global trade arena.

We expect that the UAE will achieve more growth and progress as well as more positive results on all levels that come as part of the Federal Government's implementation of the UAE Vision 2021 and its National Agenda." The minister added that "The WTO report offers an overview of the development the UAE experienced in international commodity and service trade.

The UAE made intensive efforts over the past years, represented in opening up its economy to foreign trade and investment with the aim of increasing growth opportunities and achieving the well-being of its people and residents." Al-Mansouri added that Dubai's win to host the World Expo 2020 and the groundbreaking development projects carried out by the UAE in several sectors, supported by many prestigious national initiatives such as the national innovation strategy, have all together given a boost to ongoing efforts aiming to raise the country's profile and competitiveness to better improve the performance of various sectors, including trade.

He pointed to the government's efforts with respect to the international agreements, noting the UAE's membership in the WTO, which dates back to March 1996. The UAE has maintained its position as the most important market for exports and imports of goods in the Middle East and Africa countries, according to the report of International Trade Statistics 2015.

Al-Mansouri stressed that the sector of Small and Medium-size Enterprises (SMEs) in the coming future will see a new phase of growth and development and will witness a significant turn during the coming phase with the start of the practical steps for the implementation of the Federal Law No. 2 of 2014 on projects for Small and Medium-sized Enterprises.

In this regard, Al-Mansouri noted the importance of the Cabinet decision in June to form the Council of Small and Medium-Sized Enterprises and Projects and the establishment of the National Program for small and medium-sized enterprises and support entrepreneurs in the country with privileges and incentives to promote entrepreneurship of National Business.

Al-Mansouri said that small and medium businesses are an ultimate priority to the UAE and play a vital role in promoting growth, implementing the diversification policy, and shifting to a knowledge-based economy driven by creativity and innovation, in an ultimate goal to achieve the UAE 2021 vision.

Commenting on the ministry's efforts on the purpose of setting up the Council, Al-Mansouri said, "The SME sector is seen as a major contributor to economic growth and diversification. In addition to playing a major role in the UAE's transformation towards a knowledge-based economy, SMEs are a key employment generator and mitigate adverse economic and social effects.

Given its phenomenal potential, the UAE Vision 2021 has set up a national index that the contribution of the SME sector to the nation's non-oil GDP must reach 70 percent by 2021."