UAE Minister of State: Non-oil trade with Azerbaijan rose 270% over past five years

The non-oil trade between Azerbaijan and the United Arab Emirates (UAE) totalled more than AED 10.2 billion ($2.777 billion) over the past five years, rising 270% from AED 974.2 million ($265.2 million) in 2018 to AED 3.6 billion ($980 million) in 2022, an increase of 46 percent compared to 2021, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said, Report informs, citing the Emirates News Agency.

He added that the trade between the two countries in 2022 was distributed between AED 32.6 million ($8.88 million) in imports, AED 351.9 million ($95.81) in exports, and AED 3.5 billion ($950 million) in re-exports.

"The significant rise in the foreign trade exchange comes in light of the increase in investments, cooperation and exchanging experiences. Azerbaijan is a gateway to Eastern Europe and many markets in the region," Al Zeyoudi said.

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."

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.