UAE exports are projected to reach AED 2 trillion ($544.6 billion) by 2030, growing at an annual rate of 5.5%, surpassing the global rate. 

India will remain the emirates’ largest trading partner, with Turkiye to be one of the fastest growing export destinations.

Materials and minerals will be among the fastest growing sectors, up 6.3% annually, said a report by Standard Chartered.

The global trade industry is to reach AED 120 trillion by 2030, the bank said, with a projected growth rate of 5%. 

Asia, Africa, and the Middle East are expected to outpace the global trade growth rate with combined trade volume of AED 53 trillion, or 44% of global trade by 2030.

India will remain the UAE’s largest export destination, while exports to Vietnam and Singapore as well as Turkiye are among the fastest growing.

Exports and imports from and to India will grow by 9% and 8.2% to AED 265 billion and AED 220.5 billion by 2030, while exports and imports to and from Turkiye will grow by 10% and 8.4% to AED 55 billion and 29.4 billion during the same period.

The bank said the UAE is undergoing substantial capacity expansions in critical industries due to efforts in diversifying exports into non-oil sectors, through means including relaxing foreign ownership rules and offering incentives. 

By 2030, metals and minerals are expected to make up 73% of exports, plastics, and rubbers 3%, with a compound annual growth rate of 6.3% and 5.4%.

(Writing by Imogen Lillywhite; editing by Seban Scaria)