Non-oil trade volume to rise by 12.9% in UAE

As per the Dubai Chamber of Commerce and Industry, the non-oil trade volume in the UAE is to go up by 12.9% in 2021 when compared to the previous year.

A 4.8% growth in the global maritime transport and trade is predicted by the IMF, UAE’s Federal Customs Authority and the United Nations Conference on Trade and Development (UNCTAD), despite the global pandemic which has caused a ruckus on the economy of the UAE and the world. As the nation fights hard to reduce the impact of COVID-19 and with the vaccination being out, it is said to have a positive outcome on the economic conditions.

UAE’s trade performance has seen a scope of improvement with the whole hearted efforts of the government through the stimulus packages and other initiatives. Easing of the restrictions and lockdowns in the major markets, reopening of the global markets and the return of China in doing commercial activities has all resulted in the recent growth that is being witnessed by the nation.

In the year 2018 and 2019, the UAE non-oil trade recorded a growth rate of 8.5% and 13% respectively; 83% of the total goods were accounted by the maritime trade.

But the year of 2020 was not favourable for the international maritime trade as it recorded a 4.1% drop, due to travel restrictions and the disruption in the supply chains, consumption patterns and manufacturing activities that was caused by the pandemic.

The UNCTAD’s data shows that many companies in the trade and shipping sector have already begun to invest in warehouses, new technology adaptions and in diversifying the supply sources for the future.

Even as the pandemic of coronavirus disrupted the business and economy in the nation, most of the industries are back on track with the support of the government. The non-oil economy has showed significant signs of improvement and with the vaccination in hand, things are bound to be normal again in no time.