UAE’s non-oil trade quantity may grow 12.9% this season, Dubai Chamber says

The UAE’s non-oil trade volume could grow by up to 12.9 % this year, supported by an uptick in maritime transport activity and other confident global economical trends, the Dubai Chamber of Commerce and Industry said on Saturday.

Global maritime transport and trade is expected to record 4.8 % growth this year, "depending on developments in fighting Covid-19 and improvement in vaccinating populations around the world", the trade human body said, citing data from the International Monetary Fund, the UAE’s Federal Customs Authority and the US Conference on Trade and Development.

International maritime trade documented a 4.1 % decline last year because of monetary headwinds created by the pandemic, including travel around restrictions and the disruption of supply chains, consumption patterns and manufacturing activities.

The pandemic disrupted global trade and tipped the world economy into its deepest recession because the Great Depression. On the other hand, the IMF forecast in October that the global market will grow 5.2 per cent this season after shrinking 4.4 per cent in 2020.

Other factors that could positively impact the UAE’s trade performance on 2021 when compared to prior year include federal government stimulus efforts, the easing of lockdowns in major marketplaces, the reopening of global market segments and the widespread resumption of commercial activity in China.

The UAE has rolled out monetary support packages worth a lot more than Dh388 billion because the coronavirus pandemic began.

Sheikh Mohammed bin Rashid, UAE Primary Minister and Ruler of Dubai, approved a Dh58bn federal ($15.79bn) cover 2021. The planned expenditure for the Arab world’s second-largest overall economy is slightly less than 2020’s budget of Dh61.35bn, the greatest in the country’s background.

“The UAE economy will be among the quickest to recuperate in 2021,” Sheikh Mohammed said in November.

Info released by Unctad the other day indicated a sharp fall in international trade by about 8 % last year, largely therefore of the pandemic. Global merchandise trade dropped 20 % at the elevation of movement constraints in the next quarter, but "a slow restoration took hold in July and August, with an additional improvement in September", when some important economies returned to expansion on an gross annual basis, Unctad said.