United Arab Emirates flag United Arab Emirates: Economic and Political Overview

Foreign trade figures of the United Arab Emirates

Foreign Trade in Figures

The United Arab Emirates is among the world’s most dynamic markets in terms of foreign trade, with trade accounting for 167% of the GDP according to the latest available data from World Bank. The country is one of the world's top 20 largest exporters and importers of commodities and the largest trading nation in the Middle East. Oil products are by far the largest item of exports (the country is the world’s 5th oil exporter), followed by gold, telephone sets, diamonds, and jewellery. Gold is also among the major imports, along with telephones, diamonds, motor cars, and jewellery (data Comtrade).

Saudi Arabia is the top destination of Emirati exports (6.2%), followed by India (5.6%), Iraq (3.4%), Hong Kong (2.5%), Oman (2.4%), and Kuwait (2.2%). China (14.9%), India (6%), the United States (4.9%), Japan (3.1%) and Turkey (2.8%) are among the United Arab Emirates' main suppliers of goods and services. The recent UAE-Israel normalization deal, which comprises trade and technology cooperation and allows UAE oil to be sent directly to Europe via an Israeli pipeline, should positively impact trade in the upcoming future. In 2022, the country also signed Comprehensive Economic Partnership Agreements with Indonesia and India, with more agreements under discussion with partners like Turkey, Colombia, Ukraine, Cambodia, etc.

The United Arab Emirates has a structurally positive trade balance, but the surplus is closely linked to global oil prices. In 2021, the country recorded a trade surplus accounting for 25.3% of its GDP (World Bank). According to WTO data, in the same year, the UAE exported USD 425.1 billion worth of goods (+33.1% y-o-y) and USD 101.8 billion (+66.2% y-o-y) of services, importing USD 347.5 billion (+53.9% y-o-y) worth of goods and USD 76.1 billion worth services (+30.8% y-o-y). Preliminary estimates by the UAE government indicate that the UAE’s foreign trade is expected to reach about USD 599.4 billion by the end of 2022, marking a 15% growth compared to one year earlier. Moreover, for the first nine months of the year, non-oil exports accounted for almost 20% of the UAE's total trade, a significant jump from 11% just five years ago.

 
Foreign Trade Values 20172018201920202021
Imports of Goods (million USD) 273,710261,538267,937225,741347,529
Exports of Goods (million USD) 313,547387,910389,373319,278425,160
Imports of Services (million USD) 70,58171,01486,86258,16276,106
Exports of Services (million USD) 69,58270,87889,28561,266101,838

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20162017201820192020
Foreign Trade (in % of GDP) 170.9172.8157.9167.4166.6
Imports of Goods and Services (Annual % Change) 2.73.010.9-5.5-6.4
Exports of Goods and Services (Annual % Change) 3.4-2.511.5-1.3-7.0
Imports of Goods and Services (in % of GDP) 73.274.565.970.770.6
Exports of Goods and Services (in % of GDP) 97.798.392.096.795.9

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20222023 (e)2024 (e)2025 (e)2026 (e)
Volume of exports of goods and services (Annual % change) 7.4-1.21.84.25.1
Volume of imports of goods and services (Annual % change) 14.8-0.60.23.64.8

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
The United Arab Emirates is a member of the following international economic organisations: Gulf Cooperation Council (GCC), ICC, Arab Bank for Economic Development in Africa (ABEDA), IMF, Arab Fund for Economic and Social Development (AFESD), G-77, Arab Monetary Fund (AMF), WTO, Arab League, among others. For the full list of economic and other international organisations in which participates the United Arab Emirates click here. International organisation membership of the United Arab Emirates is also outlined here.
Free Trade Agreements
The complete and up-to-date list of Free Trade Agreements signed by the United Arab Emirates can be consulted here.
 

Main Partner Countries

Main Customers
(% of Exports)
2021
Saudi Arabia 6.2%
India 5.6%
Iraq 3.4%
Hong Kong SAR, China 2.5%
Oman 2.4%
See More Countries 79.9%
Main Suppliers
(% of Imports)
2021
China 14.9%
India 6.0%
United States 4.9%
Japan 3.1%
Türkiye 2.8%
See More Countries 68.4%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

425.2 bn USD of products exported in 2021
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 23.3%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 20.9%
Gold, incl. gold plated with platinum, unwrought...Gold, incl. gold plated with platinum, unwrought or not further worked than semi-manufactured or in powder form 7.9%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 6.9%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 5.8%
See More Products 35.2%
347.5 bn USD of products imported in 2021
Gold, incl. gold plated with platinum, unwrought...Gold, incl. gold plated with platinum, unwrought or not further worked than semi-manufactured or in powder form 13.9%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 9.6%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 7.9%
Diamonds, whether or not worked, but not mounted...Diamonds, whether or not worked, but not mounted or set (excl. unmounted stones for pick-up styluses, worked stones, suitable for use as parts of meters, measuring instruments or other articles of chapter 90) 4.2%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 3.7%
See More Products 60.8%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

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Latest Update: September 2023

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