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Abu Dhabi’s non-oil exports

Issac John /Dubai
issacjohn@khaleejtimes.com Filed on November 30, 2020
The surge in both export and re-exports reflects the regional and global competitiveness of local goods. — Wam

The emirate’s non-oil sector recorded imports worth Dh69.33 billion, exports worth Dh55.37 billion, and re-exports worth Dh26.48 billion during the first three quarter period.

Abu Dhabi’s non-oil exports and re-exports jumped 62.5 per cent to Dh32.8 billion between June and August 2020 compared to Dh20.2 billion recorded during the preceding three-month period between March and May this year, a latest report issued by the Abu Dhabi Department of Economic Development (ADDED) shows.

The surge in both export and re-exports reflects the regional and global competitiveness of local goods, ADDED said in a statement.

In the first nine months to September 2020, non-oil foreign trade sector of Abu Dhabi demonstrated agility and preparedness, reaching Dh151.18 billion, despite the Covid-19 pandemic, according to the data made available by the General Administration of Abu Dhabi Customs.

The emirate’s non-oil sector recorded imports worth Dh69.33 billion, exports worth Dh55.37 billion, and re-exports worth Dh26.48 billion during the first three quarter period.

“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,” said Mohammed Ali Al Shorafa, chairman of ADDED.

Rashid Lahej Al Mansouri, director-general of the General Administration of Abu Dhabi Customs, said that Abu Dhabi Customs, across all its sectors, adopted a strategic plan to ensure the continuity of supply chains’ flow and to facilitate the movement of trade across Abu Dhabi. This was achieved by the 24/7 work on all customs border centres while applying the highest precautionary and preventive measures to maintain the health and safety of employees and inspectors working on the front lines.

Al Shorafa attributed the growth to the economic and trade relations of Abu Dhabi with countries in the Middle East and around the world. He said these well-established ties demonstrate the confidence of the global community in the capital emirate and the rising demand for Abu Dhabi’s non-oil products.

The ADDED chairman also reaffirmed the Abu Dhabi Government’s commitment to help 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.

Al Shorafa 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.

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.

He said 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.

“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,” said Al Balooshi.

Saudi Arabia was the number one destination of Abu Dhabi’s non-oil goods during March-August period, with a total value amounting to Dh15.3 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 percent of the total non-oil exports and re-exports recorded between June and August 2020, the data shows.

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, airplanes, 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.

— issacjohn@khaleejtimes.com

author

Issac John

Editorial Director of Khaleej Times, is a well-connected Indian journalist and an economic and financial commentator. He has been in the UAE's mainstream journalism for 35 years, including 23 years with Khaleej Times. A post-graduate in English and graduate in economics, he has won over two dozen awards. Acclaimed for his authentic and insightful analysis of global and regional businesses and economic trends, he is respected for his astute understanding of the local business scene.





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