Trade between the UAE and Saudi Arabia increased by 28 per cent leading up to 2022, according to official figures.
The volume of trade exchange between the two countries reached AED137.51bn ($37.4bn), compared to AED107.41bn ($29.2bn) in 2018.
This brings the total non-oil trade between the two countries to AED586.75bn ($160bn) over five years.
UAE-Saudi trade
As per Ministry of Economy data, in 2022, the bilateral trade between the two countries was divided into AED34.31bn ($9.3bn) in imports, AED36.01bn ($9.8bn) in non-oil exports, and AED67.18bn ($18.3bn) in re-exports.
The statistics included data on trade exchange between the two countries during the period from 2018 to 2022, indicating the growth of trade exchange between the two sides in 2019 to reach AED113.25bn($30.8bn), compared to AED107.41bn ($29.2bn) in 2018.
The year 2021 also recorded growth, reaching AED124.65bn ($34bn), compared to AED103.91bn ($28.3bn) in 2020.
The volume of trade exchange between the two sides reached AED137.51bn ($37.4bn) last year.
The fruitful relations between the two countries have had a positive impact on the comprehensive and sustainable development in both countries in various fields, including trade exchange, economic cooperation, and joint investment.
This serves the process of progress and sustainable development and is in the interest of improving the quality of life and the well-being and prosperity of the two brotherly peoples.
Saudi Arabia ranked third among the five largest destinations for non-oil UAE exports in the first half of 2023.
UAE imports from Saudi Arabia accounted for 25 per cent of total non-oil bilateral trade, while national exports and re-exports to Saudi Arabia made up 75 percent in 2022.
Saudi Arabia was the third trading partner for the UAE’s non-oil trade with the world in 2022.
The UAE’s imports from Saudi Arabia grew to AED34.49bn ($9.4bn) in 2022, a 23 per cent increase from 2018.
The UAE’s non-oil exports to Saudi Arabia grew to AED35.96bn ($9.8bn) in 2022, a 14 per cent increase from 2018.
The value of UAE re-exports to Saudi Arabia increased to AED67.16bn ($18.3bn) in 2022, a 40 per cent rise from 2018.
The UAE is the second-largest re-export market for Saudi Arabia, and is also the second-largest export destination and the third-largest import source for Saudi Arabia.
The economic, investment, and trade cooperation relations between the UAE and Saudi Arabia are witnessing increasing growth in various fields, which contributes to the strengthening, development, and prosperity of the two brotherly countries and peoples.
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