The Abu Dhabi Chamber of Commerce and Industry, in collaboration with Etihad Credit Insurance (ECI), has published a research paper revealing a 23.8% year-on-year increase in the number of certificates of origin issued between January and May 2024 compared to the same period in 2023.
The chamber highlighted that this growth reflects Abu Dhabi’s expanding exports and the ongoing efforts to enhance the UAE’s global trade footprint. The research identified the top 10 regional and global markets targeted for exports by Abu Dhabi Chamber members, including Saudi Arabia, Kuwait, Oman, Qatar, the USA, Egypt, Bahrain, Jordan, Iraq and India.
The study also pointed to an increase in local commercial activity, which coincided with a rise in the number of new industrial companies registered with the chamber. The transportation and storage sector saw a 78% increase between January and May 2024 compared to the same period in 2023.
By the end of 2023, the total value of the UAE’s non-oil foreign trade with countries with which it has signed Comprehensive Economic Partnership Agreements (CEPA) surpassed AED390 billion. The CEPAs have played a significant role in driving the UAE’s economic growth, expanding Abu Dhabi’s export portfolio, and facilitating the entry of Emirati exports into major markets such as India, Indonesia, Turkey, Korea and Malaysia.
The paper also noted that the patterns of non-oil exports from the UAE now cover a diverse global scope. Asia is the primary export destination, followed by the European Union and North America. Other notable regions include the European Free Trade Association (EFTA), Africa, South America, Eastern Europe, Oceania, and Central America.
As of July 2024, the UAE has signed 12 CEPAs with various countries and is in ongoing discussions to establish new agreements with additional markets.
