UAE non-oil trade volume could see 12.9% growth in 2021

Dubai Media Office

The UAE non-oil trade volume could grow by up to 12.9 per cent year-over-year in 2021, supported by an expected uptick in maritime transport activity and other positive global economic trends, according to new analysis from Dubai Chamber of Commerce and Industry.

The analysis based on recent data from the IMF, the UAE’s Federal Customs Authority and UNCTAD, projected 4.8 per cent growth in global maritime transport and trade this year, depending on developments in fighting Covid-19 and progress in vaccinating populations around the world.

Government policies and stimulus efforts, easing of lockdowns in key markets, the opening of global markets and China’s resumption of commercial activity were also outlined as key factors that could positively impact the UAE’s trade performance in the second half of 2020.

 The forecast comes after international maritime trade recorded a 4.1 per cent drop in 2020 due to economic headwinds created by the pandemic, which included travel restrictions and the disruption of supply chains, consumption patterns and manufacturing activities.

The UNCTAD data also indicated that many companies in the trade and shipping sector have already begun to evaluate options on how to ensure preparedness with the expected reconfiguration of supply chains due to the impact of the pandemic. 

This includes investment in warehousing and warehousing, adopting advanced technologies and diversifying supply sources, which have become crucial for ensuring adequate inventory and maintaining operations.

More from Business

Coming Up on Dubai Eye

  • Entertainment Extra

    1:00pm - 2:00pm

  • Afternoons with Helen Farmer

    2:00pm - 5:00pm

    Every weekday afternoon, Helen Farmer will help you to navigate the highs and lows of life in the UAE. Stay up to date with what’s happening and where to go.

BUSINESS BREAKFAST LATEST

On Dubai Eye

  • Flying Taxis

    It sounds like an episode of The Jetsons, but the sight of flying taxis whizzing around our cities could be much closer than you think.

  • Tough penalties for deliberate tax evasion

    The UAE has said that tougher penalties will come into force from 1st August for not keeping proper corporate tax records.