Standard Chartered project UAE exports to reach AED 2 trillion by 2030

Standard Chartered has revealed its latest research report entitled “Future of Trade: New opportunities in high-growth corridors – that project exports in the UAE will reach AED 2 trillion by 2030, showcasing a robust annual growth rate of 5.5%.

The report forecasts that the global trade industry is expected to reach AED 120 trillion by 2030, with a projected growth rate of five per cent.

Additionally, the research highlights that trade corridors anchored in Asia, Africa, and the Middle East are expected to outpace the global trade growth rate by almost four percentage points, propelling the combined trade volume in these regions to an astounding AED 53 trillion, accounting for 44 per cent of global trade by 2030.

UAE: corridors to watch

India is set to remain the UAE’s largest export destination, while exports to Turkiye, Vietnam and Singapore are among the fastest growing.

Corridor Exports (AED 2030 annual growth) Imports (AED 2030 annual growth)
Turkiye 55bn (10%) 29.4bn (8.4%)
India 265 bn (9.0%) 220.5bn (8.2%)
Vietnam 2.2 bn (7.2%) 33bn (7.4%)
Singapore 73.5 bn (6.3%) 33bn (6.4%)
Mainland China 99 bn (4.9%) 202bn (4.8%)

UAE: export sectors to watch

Driven by the government’s unwavering commitment to facilitating cross-border trade, the UAE is undergoing substantial capacity expansions in critical industries. Notably, the country has achieved an impressive export diversity ratio of 0.54 per cent, surpassing the global average.

(Export and import diversities are measured by an index; lower number indicates high diversity; global average for export diversity is 0.68 and for imports is 0.41).

This is due to the country’s efforts in diversifying exports into non-oil sectors through relaxing foreign ownership rules and offering attractive incentives.

Sector Share of exports (2030) CAGR 2021-2030
Metals and minerals 73% 6.3%
Plastics and rubbers 3% 5.4%

Global overview: high-growth corridors in Asia, Africa, and the Middle East

Corridor CAGR (2021-2030) Size (AED 2030)
Intra – ASEAN 8.7% 2.94tn
South Asia – ASEAN 8.6% 1.1tn
South Asia – Africa 8.2% 0.735tn
South Asia – Middle East 7.0% 0.734tn
East Asia – ASEAN 6.3% 7.7tn
Intra – East Asia 3.4% 8tn

Rola Abu Manneh, Chief Executive officer, Standard Chartered UAE, said: “The UAE’s success in diversifying its exports along with the development of new trade corridors positions the country favourably for sustained growth and reinforces its economic resilience. This achievement is a direct result of the government’s dedicated efforts to facilitating cross-border trade.”

She concluded: “These trade projections further cement the UAE’s position as the regional trade hub. The UAE continues to advance trade integration, and spearheads diversification efforts with policies supporting innovation and sustainability. We maintain a positive outlook on the UAE’s ability to capitalise on these opportunities and sustain its upward trajectory in global trade arena.”

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