UAE - Mubasher: The UAE is expected to witness a 12.9% year-on-year (YoY) growth rate in its non-oil trade volume in 2021, according to a new analysis from the Dubai Chamber of Commerce and Industry.
The increase in the UAE's non-oil trade volume would be driven by an expected recovery in the country's non-oil maritime transport and trade in 2021 and other positive global economic trends.
Meanwhile, economic stimulus packages, easing of lockdowns in key markets, the opening of global markets, and China’s resumption of commercial activity would have a positive impact on the UAE's trade in the second half (H2) of 2021.
The analysis of the Dubai Chamber is based on recent data from the International Monetary Fund (IMF), the UAE’s Federal Customs Authority, and UNCTAD.
The analysis referred that global maritime transport and trade are forecast to record a 4.8% uptick this year.
In 2020, the international maritime trade registered a 4.1% decline due to the coronavirus (COVID-19) repercussions and travel restrictions.
The UAE's non-oil trade registered growth rates of 8.5% in 2018 and 13% in 2019, with maritime trade representing 83% of total traded goods.
