UAE’s non-oil trade with Ethiopia hit $1.4 billion in 2022 while over the past ten years it grew 180%, with the total value non-oil trade of the two countries exceeding AED34 billion ($9.3 billion) between 2013 and 2022. Besides, the UAE has invested $2.9 billion in Ethiopia, said Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade
Al Zeyoudi told the Emirates News Agency (WAM) that these investments cover four main sectors, which are chemicals, food and beverages, aluminium and pharmaceuticals, he added, affirming that the UAE also invests in other sectors with potential, such as ports, logistics services, storage, warehouses and real estate.
Meanwhile, in 2022 alone, the two countries recorded AED5.113 billion in non-oil trade, more than double the figure in 2013.
The UAE exported non-oil products worth AED773 million to Ethiopia a 4.5% increase over the previous year, with re-exports reaching AED2.033 billion a 8.6% rise, and imports totalling AED2.307 billion.
Ethiopia’s top imports from the UAE included mineral oils with a total value of AED183 million, raw gold at AED58 million, pulses at AED48 million, pre-fabricated buildings at AED38 million, and iron and steel structures and parts at AED28 million.
The UAE also re-exported certain goods to Ethiopia, such as automobiles (AED334 million), jewellery and ornaments (AED225 million), medical vaccines (AED199 million), self-processing information and communication machinery (AED159 million), and communication devices and equipment (AED125 million).
Top three imports
The UAE’s top three imports from Ethiopia in the previous year were raw gold, meat and coffee. Raw gold imports amounted to more AED2 billion, while meat and coffee imports were valued at AED207 million and AED43 million, respectively.
Al Zeyoudi also stressed that the UAE and Ethiopia have a strong base for boosting their mutual trade, given their friendly relations and the variety of products and services they can offer each other, which could lead to a more comprehensive trade partnership.
The UAE can help Ethiopian exports reach new markets through its global network of trade partners, while Ethiopia can act as a key entry point for Emirati exports and re-exports to East Africa and other African countries, he added.
The UAE values its trade and investment ties with Ethiopia and wants to take them to new heights, as Ethiopia is a key trade partner in Africa and a promising place to invest, with many opportunities in its fast-growing emerging economy, he further added.
Ethiopia also plays a vital role in the stability and development of the African continent, and the UAE aims to strengthen its bilateral relations based on its developmental role through working with partners around the world on projects that promote sustainable development and mutual interests, Al Zeyoudi said in conclusion.-- TradeArabia News Service