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01 November 2021

UAE non-oil foreign trade surges 27pc to $245bn

THE total value of UAE’s non-oil foreign trade amounted to nearly AED900 billion ($245 billion) in the first half (H1) of 2021, marking a 27 per cent rise compared to H1 2020 and indicating a rapid recovery in the country’s return to growth trajectory.

This also indicates a 6 per cent growth in the country’s non-oil foreign trade compared to the pre-pandemic level in 2019, reported state news agency WAM, citing data released by the Ministry of Economy.

The value of non-oil exports amounted to AED170 billion during this period, posting a growth of 44 per cent compared to the first half of 2020 and 41 per cent compared to the same period in 2019. The contribution of non-oil exports to the country’s total non-oil foreign trade during first half of 2021 grew to 19 per cent from 16.6 per cent in 2020 and 14.2 per cent in 2019.

Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said that the non-oil foreign trade data for the first half of 2021 reveals a significant and promising growth in the total volume of trade over the past two years, despite the pandemic’s impact on the global trade movement. Furthermore, significant growth in non-oil exports is a clear indication of the rapid recovery and the return to the growth trajectory and the overall growth in the country’s foreign trade movement in general and in promoting national non-oil exports particularly.

“These indicators confirm the efficiency of the forward-looking vision and proactive plans implemented by the UAE under the guidance and support of its wise leadership to deal with the pandemic’s impact on the foreign trade sector,” Dr Al Zeyoudi said.

 

Bahrain-origin exports surge 76pc to top $3bn in Q3

THE value of Bahrain’s exports of national origin increased by 76 per cent to BD1.174 billion ($3.09 billion) during the third quarter (Q3) of 2021, compared to BD669 million for the same quarter of the previous year, said the Information & eGovernment Authority (iGA) in a new report.

The top 10 countries in terms of the value of exports of national origin purchased from Bahrain accounted for 73 per cent of the total value, with the remaining countries accounting for 27 per cent, added iGA’s foreign trade report of third quarter 2021, encompassing data on the balance of trade, imports, exports (national origin), and re-exports.

Saudi Arabia ranked first among countries receiving Bahraini exports of national origin, importing BD236 million from Bahrain. Meanwhile, the US was second with BD211 million and the UAE third with BD108 million.

Unwrought aluminium alloys emerged as the top products exported during third quarter 2021 with BD382 million, agglomerated iron ores and concentrates was second with a value of BD250 million, and Unwrought aluminium (not alloyed) third with BD63million.

The total value of re-exports increased by22 per cent to reach BD175 million third quarter2021, compared to BD143 million for the same quarter of the previous year. The top 10 countries accounted for 84 per cent of the re-exported value, while the remaining countries accounted for the 16 per cent. Saudi Arabia ranked first with BD53 million, the UAE second with BD50 million, and Singapore third with BD11 million.

Four-wheel drive cars emerged as the top product re-exported from Bahrain with BD20 million, gold ingots came in second place with BD17 million, and parts for aircraft engines came thirdwithBD15 million.

The trade balance, the difference between exports and imports, recorded a deficit totalling BD1 million during third quarter 2021 compared to BD335 million for the same quarter of the previous year, an improvement of the trade balance by 99.8 per cent, That is reflected positively in the value of the trade balance.

The value of imports increased by 16 per cent, reaching BD1.349 billion during third quarter 2021 compared to BD1.166 billion for the same quarter the previous year. The top 10 countries accounted for 70 per cent of the value of imports, with the remaining countries accounting for 30 per cent.

According to the report, Brazil ranked first when it came to imports to Bahrain, with a total of BD214 million, China was second with BD167 million, and the UAE was third with BD95 million. Non-agglomerated iron ores and concentrates emerged as the top product imported into Bahrain with a total value of BD249 million, while aluminium oxide was second with BD80 million, and parts for aircraft engines third with BD52 million.

 

Oman’s SME registrations top 56,600 till August

THE number of Small and Medium Enterprises (SMEs) registered in Oman’s Authority for Small and Medium Enterprises Development till the end of August 2021 stood at 56,687, compared to 45,706 in August 2020, marking a rise of 24 per cent.

The Governorate of Muscat topped the list, marking an increase by 25.2 per cent compared to the same period in 2020 to reach 19,187 followed by the Governorate of North Al Batinah with a rise by 23.7 per cent to stand at 8,945, reported Oman News Agency (ONA), citing data released by the National Centre for Statistics and information (NCSI).

An increase was also marked in the number of SMEs in all governorates, the Governorate of A’Dakhiliyah by 20.1 per cent to reach 6,961, the Governorate of Dhofar by 23.8 per cent to 4,737, the Governorate of South Al Batinah by 28.1 per cent to 4,341, the Governorate of North A’Sharqiah by 21.2 per cent to 3,751, the Governorate of South A’Sharqiah by 27.5 per cent to 3,392, the Governorate of A’Dhahira by 17.4 per cent to 3,156, the Governorate of Al Buraimi by 23.9 per cent to 1,207, the Governorate of Al Wusta by 37.5 per cent to 755 and the Governorate of Musandam by 44.9 per cent to 255.

 

UAE leads Mena in the adoption of electric vehicles

The UAE leads the Middle East and North Africa (Mena) in the adoption of electric vehicles with its charging station to vehicle ratio among the world’s highest, according to a newly released whitepaper.

The UAE now boasts 240 grid-linked slow charging public stations - 80 per cent of which are in Dubai, says the whitepaper produced by the Clean Energy Business Council (CEBC).

 The 24-page whitepaper - Electric Vehicles in the UAE: Challenges and Opportunities – and its five-point recommendations will be presented at Hypermotion Dubai 2021, the region’s first and only event to address major mobility transformation, which will run at the Dubai Exhibition Centre at Expo 2020 from November 2 to 4.

 “This white paper provides recommendations for policymakers in the UAE and around the region and a comprehensive overview of the EV market in the UAE, covering the current policy landscape, infrastructure, challenges hindering the growth of the market and the opportunities for businesses,” explained Stephan Gobert, Chief Strategy and Innovation Officer at Engie and Board Member at CEBC.  




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