Saudi Arabia tops UAE export market with $20bln trade

UAE tapped into 30 new export, re-export markets in 2020

  
Image used for illustrative purpose. Container ship in import export and business logistic.

Image used for illustrative purpose. Container ship in import export and business logistic.

Getty Images

Saudi Arabia emerged as the UAE's top trading partner last year, with the country’s exports and re-exports during the first nine months of 2020 totaling 73.58 billion UAE dirhams ($20 billion) official figures showed.

According to the Federal Competitiveness and Statistics Centre (FCSC), Iraq was the second-biggest export market, with its trade hitting 36.5 billion dirhams. Switzerland and India followed at 33.47 billion and 24.78 billion dirhams, respectively.

The UAE tapped into 30 new export and re-export markets in 2020, when global supply chains broke down due to the coronavirus pandemic. For the whole year, the UAE brought total global export markets to 230, the centre said.

According to the FCSC's figures, despite the economic slowdown caused by the COVID-19 pandemic, the value of UAE’s export was around 460 billion dirhams during the first nine months of 2020.

(Writing by Brinda Darasha; editing by Cleofe Maceda)

brinda.darasha@refinitiv.com

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021

More From GCC