UAE-Saudi Trade Hits $160 Billion in 5 Years
Trade between the UAE and Saudi Arabia increased by 28 per cent leading up to 2022, according to official figures.
The volume of trade exchange between the two countries reached $37.4bn, compared to $29.2bn in 2018.
This brings the total non-oil trade between the two countries to $160bn over five years.
UAE-Saudi trade
As per Ministry of Economy data, in 2022, the bilateral trade between the two countries was divided into $9.3bn in imports, $9.8bn in non-oil exports, and $18.3bn in re-exports.
The statistics included data on trade exchange between the two countries during the period from 2018 to 2022, indicating the growth of trade exchange between the two sides in 2019 to reach $30.8bn, compared to $29.2bn in 2018.
The year 2021 also recorded growth, reaching $34bn, compared to $28.3bn in 2020.
The volume of trade exchange between the two sides reached $37.4bn last year.
The fruitful relations between the two countries have had a positive impact on the comprehensive and sustainable development in both countries in various fields, including trade exchange, economic cooperation, and joint investment.
This serves the process of progress and sustainable development and is in the interest of improving the quality of life and the well-being and prosperity of the two brotherly peoples.
Saudi Arabia ranked third among the five largest destinations for non-oil UAE exports in the first half of 2023.
UAE imports from Saudi Arabia accounted for 25 per cent of total non-oil bilateral trade, while national exports and re-exports to Saudi Arabia made up 75 percent in 2022.
Saudi Arabia was the third trading partner for the UAE’s non-oil trade with the world in 2022.
The UAE’s imports from Saudi Arabia grew to $9.4bn in 2022, a 23 per cent increase from 2018.
The UAE’s non-oil exports to Saudi Arabia grew to $9.8bn in 2022, a 14 per cent increase from 2018.
The value of UAE re-exports to Saudi Arabia increased to $18.3bn in 2022, a 40 per cent rise from 2018.
The UAE is the second-largest re-export market for Saudi Arabia, and is also the second-largest export destination and the third-largest import source for Saudi Arabia.
The economic, investment, and trade cooperation relations between the UAE and Saudi Arabia are witnessing increasing growth in various fields, which contributes to the strengthening, development, and prosperity of the two brotherly countries and peoples.
