Picture used for illustrative purposes only.
The total value of the Emirate of Abu Dhabi’s non-oil foreign trade reached Dhs124 billion during first half of 2022, compared to Dhs110 billion and 313 million, with a growth rate of 12%, recorded in the same period of 2020.
Exports during the first six months of this year increased to 26%, at a value of Dhs49 billion and 479 million, compared to Dhs39 billion and Dhs193 million during the same period in 2021.
Re-export activities increased to 6% at a value of Dhs23 billion and 43 million, compared to Dhs21 billion and 689 million recorded during the last year, while the Exports in the UAE increased to 4%, recording a total value of about Dhs51 billion and 475 million, compared to Dhs49 billion and 432 million last year.
The value of the trade-in commodities from normal metals and their products increased to Dhs24 billion and 516 million, with a growth rate of 22%, compared to Dhs20 billion and 112 million in 2021.
The trade-in sound and image machinery and broadcasting equipment and their accessories recorded growth during this period with 23%, compared to Dhs17 billion and 903 million recorded last year. The trade-in pearls, gemstones, precious metals and their products have increased to 40% at a value of Dhs17 billion and 245 million recorded last year.
Saudi Arabia had the largest total value of shares traded compared to the countries, where the trade increased to Dhs28 billion and 636 million, with a growth rate of 3% compared to Dhs27 billion and 906 million recorded during the same period in 2021. It was followed by Switzerland with a total value of Dhs9 billion and 530 million, with a rate of A growth of 260% compared to last year.
The United States of America followed Switzerland with Dhs9 billion and 330 million, a growth rate of 21%, then China with Dhs5 billion and 959 million with a growth rate of 9%, and Kuwait with Dhs5 billion and 870 million with a growth rate of 13% compared to last year.
Rashed Lahej Al Mansoori, Director-General, General Administration of Customs, Abu Dhabi Customs, said, “Abu Dhabi Customs continues to walk steadily towards achieving its vision to be a World-Class Customs Authority, leading change effort to enhance security, facilitate trade and provide distinguished services, constantly prompting to invest in advanced technologies that rely on digital technologies and artificial intelligence, which effectively contributes to saving time and effort for customers, and supports their choice of the Emirate of Abu Dhabi to be a destination for their operations.”
He added that Abu Dhabi Customs, within its competencies and plans, succeeded to develop proactive strategic services during the previous period that contributed effectively to the develop the customs work system through the land, sea and air ports and facilitate customs inspections, which supported the completion of transactions in a expedite and proper manner. This has lead to led to a positive effect on cooperation with strategic partners concerning the increase of the value of commercial exchanges and their growth during the 1st half of this year compared to the same period in 2021.
Ahmed Mahmoud Fikri, Director-General of Statistics Centre-Abu Dhabi, said, “Foreign trade statistics represent a major axis of the decision-making and policies due to the accurate data it provides that are used to set a detailed picture of the whole performance of the economy. In this context, the Statistics Centre, Abu Dhabi, looks forward to developing an advanced statistical system that consolidates continuous cooperation with statistical work partners from producers and users of statistical data to provide continuous support to decision policymakers in the Emirate.”
Meanwhile, the Central Bank of the United Arab Emirates (CBUAE) yesterday issued its Financial Stability Report for 2021, which outlines the measures taken by the CBUAE to support the national economy during the COVID-19 pandemic and safeguard the stability of the financial system.
Among these key steps were the CBUAE’s gradual exit strategy from the Targeted Economic Support Scheme (TESS) as the UAE economic recovery commenced, with the first phase completed by the end of 2021, and the second phase concluded by the end of June 2022. The CBUAE will maintain the final third phase of TESS measures during the second half of 2022.
The CBUAE also conducted risk-based supervision and solvency and liquidity stress tests to assess potential vulnerabilities. Overall, these tests indicated that the UAE banking system had adequate capital and liquidity buffers to withstand severe shocks.
The report outlines the risks for the banking system, which stem from the potential deterioration of assets quality and insufficient change in banks’ business models in light of the global digital transformation, climate change and the rising governance requirements.