Minister: UAE trade with Azerbaijan increases three-fold in five years, up 270%

ECONOMICS  23 February 2023 - 14:04

UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi has said that the UAE-Azerbaijan economic and trade relations are witnessing steady development, noting that the value of their non-oil trade increased by over three times during the past five years.

In a statement to the Emirates News Agency (WAM), Al Zeyoudi stated that the non-oil trade between the two countries totalled more than AED10.2 billion ($2.7 billion) over the past five years, rising 270 per cent from AED974.2 million ($265.2 million) in 2018 to AED3.6 billion ($980.1 million) in 2022, an increase of 46 per cent compared to 2021, according to Zawya.

He added that the trade between the two countries in 2022 was distributed between AED32.6 million ($8.8 million) in imports, AED351.9 million ($95.8 million) in exports, and AED3.5 billion ($952.9 million) in re-exports.

“The significant rise in the foreign trade exchange comes in light of the increase in investments, cooperation and exchanging experiences," Al Zeyoudi said.

He added that Azerbaijan is a gateway to Eastern Europe and many markets in the region.

Al Zeyoudi highlighted various sectors that create food investment opportunities in both countries, including services, real estate, food security and logistics.

He stated that there are many sectors that constitute good opportunities for investment in the UAE and Azerbaijan, including the service sector, real estate, food security and the logistics sector.

The economic and trade relations between the two countries are witnessing continued development and diversification, most notably in the areas of renewable and environmentally-friendly energy, he added.

The UAE’s non-oil exports to Azerbaijan consist of non-crude petroleum oils, tobacco products, automatic spraying devices, pressure-reducing taps and valves, plastic products, various chemical products, gold, perfumes, paper products, aluminium, tea and organic chemical products, he explained.

Al Zeyoudi noted that the most important re-export commodities were phones, TV screens, cars and their parts, pumps, fans, computers, aircraft parts, aluminium sheets, mineral oils, tires, paper and related products.

The main import commodities were gold, jewellery and their manufactures, plants, tobacco products, copper wires, copper products, shell fruits and others.

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