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Yemen Online
31-07-2025
- Business
- Yemen Online
UAE non-oil foreign trade exceeds Dh1.7 trillion in H1 2025: Sheikh Mohammed
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has said that the UAE, under the leadership of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, has continued on its path to become a major trading nation, a reliable trading partner for the world's largest economies and a gateway to facilitate trade flows around the world. In a post on X, the UAE Vice President said, "Today, I reviewed our non-oil foreign trade data for the first half of 2025. In the first six months of this year, we achieved more than Dh1.7 trillion, with a record growth of 24% compared to the first half of 2024, which itself was an exceptional year for our national economy. We recorded double what we achieved in the first half of 2021 and continued the unprecedented boom in our trade with historic growth rates of 59.5 per cent and 37.8 per cent compared to the first half of 2022 and 2023, respectively.' "In September 2021, we launched the Comprehensive Economic Partnership Agreement (CEPA) programme to expand our network of trading partners around the world. Our non-oil foreign trade continues to reap the benefits of this program, under which we have concluded 28 agreements to date, 10 of which have entered into force. This means we can offer unhindered customs access to markets where nearly 3 billion consumers live," he added. Sheikh Mohammed praised the UAE's non-oil exports, which increased their contribution to total non-oil foreign trade to 21.4% for the first time in the country's history, compared to 18.4% in the first half of 2024. Record growth continues in the first half of 2025 The UAE's non-oil foreign trade for the period from January 1 to June 30 2025 showed the continuation of its upward trajectory, recording about Dh1.728 trillion (equivalent to $470.3 billion), with a growth of 24 per cent % year-on-year, compared to the first half of 2024, and growth on a semi-annual basis of 9.1 per cent compared to the second half of 2024. The UAE's non-oil foreign trade continued to achieve record and unprecedented growth rates, recording an increase of 37.8 per cent and 59.5 per cent in the first half of 2025 compared to the same period in 2023 and 2022 respectively. Trade output is double the figure achieved in the first half of 2021 and was more than double the figure recorded in the first half of 2019. The UAE's non-oil exports reached Dh369.5 billion during the first half of 2025, with a growth rate of more than 44.7 per cent — for the first time in the country's history — as well as a growth rate of 80 per cent when compared to the first half of 2023. This level is more than double the value of non-oil exports during 2022, more than double 2021's level and 3 times larger than in 2020 and 2019. Non-oil exports increased during the first half of 2025 at a record rate of 210.3 per cent compared to the same period in 2019. Non-oil exports were the best performers among the UAE's foreign trade during the first half of 2025, contributing 21.4 per cent of the UAE's total non-oil trade. This was higher than the contribution in the first half of 2024 and 2023, where it was 18.4 per cent and 16.4 per cent, respectively. The most important destinations for the UAE's non-oil exports during the first half of 2025 were Switzerland, followed by India second, Turkey third, and Hong Kong-China fourth. Thailand, Switzerland and India recorded the highest growth rates among the recipient markets for UAE exports. Among the top 10 recipients of the UAE's non-oil exports, CEPA partners amounted to Dh85.02 billion, with a growth of 62.8 per cent and a 23 per cent share of the UAE's non-oil exports. India received a value of Dh51.45 billion, a growth of 97.6 per cent compared to 2024 for the same period, followed by Turkey with a value of Dh27.2 billion and a growth of 24.1 per cent. Exports to these ten countries with which CEPAs came into force increased 3 times compared to the exports recorded in 2022 and 2021 and exceeded 4 times the exports in 2019. The value of re-exports also continued its upward trajectory, reaching Dh389 billion during the first half of 2025, with a growth of 14 per cent, 15.8 per cent and 25.4 per cent, compared to the same periods in 2024, 2023 and 2022. respectively. The re-exports of the top 10 partner nations recorded a growth of 16.5 per cent. Re-exports of the rest of the world recorded a growth of 12 pr cent compared with the first half of 2024. The UAE's imports of non-oil goods amounted to Dh969.3 billion during the first half of 2025, a growth rate of 22.5 per cent compared to the same period in 2024, while the UAE's imports from the top 10 trading partners increased by 20.8 per cent and with the rest of the world by 24.3 per cent.
Sharjah 24
30-07-2025
- Business
- Sharjah 24
Mohammed bin Rashid: UAE non-oil trade at AED 1.7 tn in H1 2025
Historic growth on multiple fronts He highlighted that the current trade volumes are double those achieved in the first half of 2021 and represent growth of 37.8% and 59.5% over H1 2023 and 2022 respectively. Non‑oil exports reached AED 369.5 billion, accounting for 21.4% of total trade—the highest ratio ever recorded. CEPA agreements fueling trade expansion The launch of the Comprehensive Economic Partnership Agreement (CEPA) programme in September 2021 has significantly expanded the UAE's global trade partnerships. To date, the UAE has signed 28 CEPA agreements—10 of which are already in force—providing tariff-free market access to nearly three billion consumers worldwide. Key export destinations and rapid market growth Top export markets in H1 2025 included Switzerland, India, Turkey, and Hong Kong. Exports to CEPA partner countries totaled AED 85.02 billion—with notable growth of 97.6% to India and 24.1% to Turkey. Re-exports also rose to AED 389 billion, up 14% from the previous year. Imports and partner trade accelerate Imported non‑oil goods amounted to AED 969.3 billion—up 22.5% year-on-year. Trade with the UAE's top 10 partners surged by 25.5%, including notable increases of 33.9% with India, 120% with Switzerland, and growth with the US, Turkey, China, and France as well. His Highness underscored that this performance reflects the UAE's strategic vision under the leadership of President Sheikh
Gulf Today
30-07-2025
- Business
- Gulf Today
UAE non-oil foreign trade exceeded Dhs1.7 trillion in first half of 2025: Mohammed Bin Rashid
His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has said that the UAE, under the leadership of President His Highness Sheikh Mohamed Bin Zayed Al Nahyan, has continued on its path to become a major trading nation, a reliable trading partner for the world's largest economies and a gateway to facilitate trade flows around the world. In a tweet on the "X" platform, Sheikh Mohammed said, "Today, I reviewed our non-oil foreign trade data for the first half of 2025. In the first six months of this year, we achieved more than Dhs1.7 trillion, with a record growth of 24% compared to the first half of 2024, which itself was an exceptional year for our national economy. We recorded double what we achieved in the first half of 2021 and continued the unprecedented boom in our trade with historic growth rates of 59.5% and 37.8% compared to the first half of 2022 and 2023, respectively.' Sheikh Mohammed added, "In September 2021, we launched the Comprehensive Economic Partnership Agreement (CEPA) programme to expand our network of trading partners around the world. Our non-oil foreign trade continues to reap the benefits of this programme, under which we have concluded 28 agreements to date, 10 of which have entered into force. This means we can offer unhindered customs access to markets where nearly 3 billion consumers live.' Sheikh Mohammed praised the UAE's non-oil exports, which increased their contribution to total non-oil foreign trade to 21.4% for the first time in the country's history, compared to 18.4% in the first half of 2024. The UAE's non-oil foreign trade for the period from Jan.1 to June 30, 2025 showed the continuation of its upward trajectory, recording about Dhs1.728 trillion (equivalent to $470.3 billion), with a growth of 24% year-on-year, compared to the first half of 2024, and growth on a semi-annual basis of 9.1% compared to the second half of 2024. The UAE's non-oil foreign trade continued to achieve record and unprecedented growth rates, recording an increase of 37.8% and 59.5% in the first half of 2025 compared to the same period in 2023 and 2022 respectively. Trade output is double the figure achieved in the first half of 2021 and was more than double the figure recorded in the first half of 2019. The UAE's non-oil exports reached AED369.5 billion during the first half of 2025, with a growth rate of more than 44.7% - for the first time in the country's history -, as well as a growth rate of 80% when compared to the first half of 2023. This level is more than double the value of non-oil exports during 2022, more than double 2021's level and 3 times larger than in 2020 and 2019. Non-oil exports increased during the first half of 2025 at a record rate of 210.3% compared to the same period in 2019. Non-oil exports were the best performers among the UAE's foreign trade during the first half of 2025, contributing 21.4% of the UAE's total non-oil trade. This was higher than the contribution in the first half of 2024 and 2023, where it was 18.4% and 16.4%, respectively. The most important destinations for the UAE's non-oil exports during the first half of 2025 were Switzerland, followed by India second, Turkey third, and Hong Kong-China fourth. Thailand, Switzerland and India recorded the highest growth rates among the recipient markets for UAE exports. Among the top 10 recipients of the UAE's non-oil exports, CEPA partners amounted to Dhs85.02 billion, with a growth of 62.8% and a 23% share of the UAE's non-oil exports. India received a value of Dhs51.45 billion, a growth of 97.6% compared to 2024 for the same period, followed by Turkey with a value of Dhs27.2 billion and a growth of 24.1%. Exports to these ten countries with which CEPAs came into force increased 3 times compared to the exports recorded in 2022 and 2021 and exceeded 4 times the exports in 2019. The value of re-exports also continued its upward trajectory, reaching Dhs389 billion during the first half of 2025, with a growth of 14%, 15.8% and 25.4% compared to the same periods in 2024, 2023 and 2022. respectively. The re-exports of the top 10 partner nations recorded a growth of 16.5%. Re-exports of the rest of the world recorded a growth of 12% compared with the first half of UAE's imports of non-oil goods amounted to Dhs969.3 billion during the first half of 2025, a growth rate of 22.5% compared to the same period in 2024, while the UAE's imports from the top 10 trading partners increased by 20.8% and with the rest of the world by 24.3%. The UAE's non-oil trade with the country's top 10 trading partners around the world continued its upward trajectory in the first half of 2025 with a growth of 25.5% and an increase of 23.6% with the rest of the countries. Trade with India increased by 33.9%, with China by 15.6%, with Switzerland by 120%, and with Saudi Arabia by 21.3% compared to the same period in 2024. Trade with Turkey also saw a 41.4% rise, while the UAE's non-oil trade with the United States of America witnessed a growth of 29% and ranked sixth among the country's top 10 trading partners around the world. France also entered the top 10 list in the first half of 2025. WAM
Khaleej Times
30-07-2025
- Business
- Khaleej Times
Steps needed to boost local currency settlement in UAE dirham and Indian rupee
Almost two years have passed since the Local Currency Settlement Agreement between India and UAE. The United Arab Emirates was the first country with which India signed the Comprehensive Economic Partnership Agreement (Cepa) as well as a Local Currency Settlement (LCS) Agreement. The LCS agreement was signed in July 2023, though both countries started discussions and negotiations one year back in the year 2022. However, the LCS has not picked up to the expectations despite concerted efforts of both the central banks, while Cepa has seen good progress. The less-than-expected performance not only required soul searching but also efforts to address some of the concerns raised by parties on both sides of the spectrum. After signing the first LCS agreement with the UAE, India has signed three more LCS agreements with Sri Lanka, Maldives, and Indonesia. The mechanism of settlement is very simple — exporters can receive the export proceeds in dollars or other major currencies, the local currency of the importing country, and in the currency of the exporting country. However, the US dollar has dominated the trade settlements. This effort is not aimed at de-dollarisation but arranging settlement in bilateral trade or even trilateral trade in the respective currencies of countries involved. The process is as follows — Indian exporter - export to UAE - invoice in UAE dirham - payment in UAE dirham - UAE dirham credited in a bank account in UAE. UAE exporter - export to India - invoice in Indian rupee - payment in Indian rupee - Indian rupee credited in a bank account in India. However, the invoicing and settlement can be in any respective currencies of two countries i.e. invoicing for export to India can be in UAE dirhams too, and export to UAE can be in Indian rupees too. But the objective of the LCS is to encourage the trade partners of the respective countries to deal in partner countries' local currencies too, away from US dollar. A few problems and hurdles mentioned by the United Bank Federation of UAE and other stakeholders were addressed by the Reserve Bank of India. However, there have been many other concerns that still need to be resolved. On January 14, 2025, to promote the use of the Indian Rupee (INR) in cross-border transactions, the Reserve Bank of India amended some of the regulations of the Foreign exchange Maintenance Act (Fema). Two major changes were: 1. The Foreign Currency Accounts (FCA) Amendment allowed Indian exporters to maintain FCAs with banks outside India for all export transactions (goods and services) and receive advance payments for goods/services to be exported by them. 2. Persons resident outside of India (PROI) are permitted to open Special Non-Resident Rupee (SNRR) Accounts for all 'permissible current and capital account transactions' with authorised dealer (AD) banks in India as well as their branches outside of India. They can do same (opening INR account) with UAE banks also. The first and foremost clarification is that the LCS doesn't include only trade transactions, but also retail business, thus giving a chance to the NRI customers and Indian businesses alike outside India, means providing them banking in INR with permitted transactions. Thus, NRIs can open INR accounts outside India in local banks which can offer interest also for those accounts. A major problem faced by the LCS arrangement is the trade deficit between India and the UAE. The trade balance is in favour of the UAE which has naturally raised the issue of the use of surplus rupee because of trade settlement. While the Reserve Bank of India is working on various suggestions of banking partners in UAE, it brought out a welcome change that the balance in INR in foreign countries can also be used for payments of proceeds with third countries having LCS arrangements with India. For example, payments for the tea import to the UAE can be made in INR to Sri Lanka which has an LCS agreement with India. Another positive development brought out by RBI is that foreign banks have been allowed to invest INR surplus in permissible current account transactions, with the only clause that they must register as Foreign Portfolio Investor (FPI) in India. Thus, they can invest in Indian equity and stock markets and other permissible investments. A misconception exists in the business fraternity and even individuals also that settlement through LCS will require an additional or different set of documents which is wrong. LCS also operates with the same set of documents which otherwise is required for US dollar transactions. Despite these steps taken by central banks, there are still a few pain points that need to be addressed to popularise local currency settlements. Besides the trade deficit, another concern is the ready availability and maturity of the forex market for the two currencies. As of now, there is no active treasury market for quotes in forward and future markets, as well as currency and interest derivatives. A free market quote without referring to the US dollar is important to develop confidence and sentiment. Despite efforts of two governments and two central banks, small players and exporters are not very clear about the mechanism and benefits as well as LCS itself. There is a need for more promotion, clarification, and sessions about the benefits of this mechanism. There is a demand for the establishment of a bilateral line that should be enabled by the central banks of the two countries in their respective currencies for settlement of trade as well as permitting the drawing in case of need to make it more flexible and practical. The effort should be to encourage those companies which are having offices and subsidiaries, associate companies, or joint ventures to operate in local currencies as they are present on both sides and settlement, as well as overall natural hedge, will be efficient and effective for them. In this regard moving Indian exporters to LCS will be practically easy as payment in Dirham which is pegged to dollars will be easily acceptable and even in rupee those companies having a presence in India and UAE will help in settling transactions easily and cost-effectively. Some of the sectors like gems and jewellery, gold and textiles can help in popularising the local currency settlements. The writer is Chief Executive Officer, State Bank of India, DIFC, Dubai.
Al Etihad
30-07-2025
- Business
- Al Etihad
Mohammed bin Rashid: UAE non-oil foreign trade exceeded Dh1.7 trillion in H1 2025
30 July 2025 16:02 DUBAI (ALETIHAD)His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, has said that the UAE, under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, has continued on its path to become a major trading nation, a reliable trading partner for the world's largest economies and a gateway to facilitate trade flows around the a tweet on the X platform, His Highness said, "Today, I reviewed our non-oil foreign trade data for the first half of 2025. In the first six months of this year, we achieved more than Dh1.7 trillion, with a record growth of 24% compared to the first half of 2024, which itself was an exceptional year for our national economy. We recorded double what we achieved in the first half of 2021 and continued the unprecedented boom in our trade with historic growth rates of 59.5% and 37.8% compared to the first half of 2022 and 2023, respectively.'His Highness Sheikh Mohammed bin Rashid Al Maktoum added, 'In September 2021, we launched the Comprehensive Economic Partnership Agreement (CEPA) programme to expand our network of trading partners around the world. Our non-oil foreign trade continues to reap the benefits of this programme, under which we have concluded 28 agreements to date, 10 of which have entered into force. This means we can offer unhindered customs access to markets where nearly 3 billion consumers live.'His Highness Sheikh Mohammed bin Rashid Al Maktoum praised the UAE's non-oil exports, which increased their contribution to total non-oil foreign trade to 21.4% for the first time in the country's history, compared to 18.4% in the first half of UAE's non-oil foreign trade for the period from January 1 to June 30, 2025 showed the continuation of its upward trajectory, recording about Dh1.728 trillion (equivalent to $470.3 billion), with a growth of 24% year-on-year, compared to the first half of 2024, and growth on a semi-annual basis of 9.1% compared to the second half of UAE's non-oil foreign trade continued to achieve record and unprecedented growth rates, recording an increase of 37.8% and 59.5% in the first half of 2025 compared to the same period in 2023 and 2022, respectively. Trade output is double the figure achieved in the first half of 2021 and was more than double the figure recorded in the first half of UAE's non-oil exports reached Dh369.5 billion during the first half of 2025, with a growth rate of more than 44.7% – for the first time in the country's history –, as well as a growth rate of 80% when compared to the first half of 2023. This level is more than double the value of non-oil exports during 2022, more than double 2021's level and 3 times larger than in 2020 and 2019. Non-oil exports increased during the first half of 2025 at a record rate of 210.3% compared to the same period in exports were the best performers among the UAE's foreign trade during the first half of 2025, contributing 21.4% of the UAE's total non-oil trade. This was higher than the contribution in the first half of 2024 and 2023, where it was 18.4% and 16.4%, most important destinations for the UAE's non-oil exports during the first half of 2025 were Switzerland, followed by India second, Turkey third, and Hong Kong-China fourth. Thailand, Switzerland, and India recorded the highest growth rates among the recipient markets for UAE the top 10 recipients of the UAE's non-oil exports, CEPA partners amounted to Dh85.02 billion, with a growth of 62.8% and a 23% share of the UAE's non-oil exports. India received a value of Dh51.45 billion, a growth of 97.6% compared to 2024 for the same period, followed by Turkey with a value of Dh27.2 billion and a growth of 24.1%. Exports to these ten countries with which CEPAs came into force increased 3 times compared to the exports recorded in 2022 and 2021 and exceeded 4 times the exports in value of re-exports also continued its upward trajectory, reaching Dh389 billion during the first half of 2025, with a growth of 14%, 15.8% and 25.4% compared to the same periods in 2024, 2023 and 2022, respectively. The re-exports of the top 10 partner nations recorded a growth of 16.5%. Re-exports of the rest of the world recorded a growth of 12% compared with the first half of UAE's imports of non-oil goods amounted to Dh969.3 billion during the first half of 2025, a growth rate of 22.5% compared to the same period in 2024, while the UAE's imports from the top 10 trading partners increased by 20.8% and with the rest of the world by 24.3%.The UAE's non-oil trade with the country's top 10 trading partners around the world continued its upward trajectory in the first half of 2025, with a growth of 25.5% and an increase of 23.6% with the rest of the countries. Trade with India increased by 33.9%, with China by 15.6%, with Switzerland by 120%, and with Saudi Arabia by 21.3% compared to the same period in 2024. Trade with Turkey also saw a 41.4% rise, while the UAE's non-oil trade with the United States of America witnessed a growth of 29% and ranked sixth among the country's top 10 trading partners around the world. France also entered the top 10 list in the first half of 2025.
