Finance & Capital Market

UAE's export markets grow to 230 destinations

The UAE tapped into new export and re-export markets in 2020, bringing to 230 the country's total global export markets, as compared to 200 in 2019, according to the Federal Competitiveness and Statistics Centre (FCSC).

Saudi Arabia tops the UAE's export markets at a value of AED73.58 billion, including exports and re-exports, during the first nine months of 2020, reported Emirates news agency WAM.

Iraq comes second, AED36.5 billion, then Switzerland, AED33.47 billion, India, AED24.78 billion, Oman, AED24 billion, China, AED22 billion, Hong Kong, AED20.4 billion, Kuwait, AED16.1 billion, US, AED13.1 billion and Italy, AED12.75 billion.

According to the FCSC's figures, the UAE foreign trade defied the global economic slowdown triggered by COVID-19 pandemic, earning the state coffers around AED460 billion in the value of exports during the first nine months of 2020.

GCC’s expansive coastline, stretching from the Gulf of Oman to the east and the Arabian Gulf to the west, led to the development of a number of strategic ports over the years which fructified in the country's ranking prominently on the global competitiveness index over the past years, ensuring the country continues to be among the world's most dynamic markets in terms of foreign trade.