Trade between UAE and Saudi Arabia reaches $159 billion in 5 years

The value of commerce between the UAE and the Kingdom of Saudi Arabia increased by 28% in 2022, reaching AED 137.51 billion, up from AED 107.41 billion in 2018, This boosts the total non-oil commerce between the two nations to AED 586.75 billion ($159.7 billion) over five years.

Bilateral commerce between the two nations in 2022 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, according to statistics from the Ministry of Economy.

The figures contained data on trade exchange between the two nations from 2018 to 2022, revealing that trade exchange between the two sides increased in 2019 to AED 113.25 billion, up from AED 107.41 billion in 2018.

The year 2021 saw increase as well, reaching AED 124.65 billion, up from AED 103.91 billion in 2020. Last year, the value of commerce between the two countries reached AED 137.51 billion.

The two nations’ productive connections have had a favorable influence on both countries’ comprehensive and sustainable growth in a variety of spheres, including trade exchange, economic cooperation, and joint investment.

This is in the interest of increasing the quality of life, as well as the well-being and prosperity of the two brotherly peoples, and helps the process of progress and sustainable development.

In the first half of 2023, Saudi Arabia was rated third among the top five destinations for non-oil UAE exports. In 2022, UAE imports from Saudi Arabia amounted for 25% of total bilateral non-oil trade, while national exports and re-exports to Saudi Arabia contributed for 75%.

In 2022, Saudi Arabia ranked third in the UAE’s non-oil trade with the rest of the world. Imports from Saudi Arabia increased by 23% in 2022 to AED 34.49 billion. Non-oil exports to Saudi Arabia increased by 14% in 2022 to AED 35.96 billion.

The value of UAE re-exports to Saudi Arabia climbed by 40% from 2018 to AED 67.16 billion in 2022.

The United Arab Emirates is Saudi Arabia’s second-largest re-export market, as well as its second-largest export destination and third-largest import source.