The UAE, gateway to international trade, represents a “surplus” of 37 billion dollars with the Arab world

The UAE’s trade account surplus with countries in the Arab world (the Cooperation Council for the Gulf Arab States and other Arab countries) jumped in the first 9 months of 2020.

The latest statistics released by the Federal Center for Competitiveness and Statistics, which monitors the UAE’s trade movement with all countries around the world, showed that the trade account surplus between the UAE and the Arab world is reaching the level of 136.5 billion dirhams. – $ 37.7 billion – in the first nine months of 2020.

The large jump in the state’s trade account surplus with the combined Arab countries during the period from January to the end of September of last year reaffirmed the UAE’s leadership as the main gateway. trade in the region, which strengthens its position as a pivotal player in international trade.

The total value of UAE exports “including exports and re-exports” to the Gulf Cooperation Council countries reached 121.1 billion dirhams in the first nine months of 2020, while the value of its imports from of these countries reached nearly 32.6 billion dirhams, which means a trade account surplus of 88.5 billion dirhams.

Saudi Arabia dominated the first place in the Arab world and the second in the world in trade with the United Arab Emirates, with a value that exceeded 90.8 billion dirhams in the first nine months of the year. 2020.

At the level of UAE’s trade with the rest of the other Arab countries, the total value of its exports to these countries was around 74,722 billion dirhams, while the value of its imports reached 26.731 billion dirhams, which means to realize a surplus in favor of the Emirates of approximately 48.036 billion dirhams in the first nine months of 2020.

Three leading institutions in the UAE have announced their membership in the Global Logistic Passport initiative, which aims to increase business opportunities in developing markets.

This initiative is reinventing the movement of goods and services around the world, as well as increasing the flexibility of supply chains and removing barriers that prevent developing economies from trading freely.

The Export Credit Union’s ECI, Dubai Multi Commodities Center (DMCC) and flydubai have joined the initiative.

Thanks to these advantages, different countries and regions can access new markets, diversify trade in existing products and increase market shares of major products among developing economies.