Non-oil trade between the United Arab Emirates and Germany increased 10.5% to $9.5 billion in 2021, the Emirates News Agency reported today.
The UAE’s Foreign Trade Minister Thani bin Ahmed Al Zeyoudi said the two countries want to “embrace new technologies” in their trade, according to the agency.
Why it matters: The UAE and Germany have strong economic relations. Last week, an Emirati trade delegation led by Minister of Industry and Advanced Technology Sultan Al Jaber visited Germany. The UAE is Germany’s biggest trading partner in the Middle East and the two countries signed a strategic partnership back in 2004, according to The National in Abu Dhabi.
The UAE and Germany trade a variety of products, particularly those related to transportation. The following were the top German exports to the Gulf state in 2020, according to the Boston-based Observatory of Economic Complexity:
- planes, helicopters and/or spacecraft ($1.35 billion)
- cars ($762 million)
- packaged medicaments ($354 million)
The top Emirati exports to Germany were as follows:
- raw aluminum ($338 million)
- aircraft parts ($84.5 million)
- spark-ignition engines ($84.3 million)
There have been other developments in UAE-Germany economic relations recently. In March, the state-owned Abu Dhabi National Oil Company signed a series of cooperation agreements with several Germany companies on the development of clean hydrogen. The same month, UAE Foreign Minister Abdullah bin Zayed Al Nahyan discussed boosting trade, investment and energy cooperation with German Economic Minister Robert Habeck at the Expo 2020 Dubai.
Know more: In 2020, Germany hosted the first meeting between Israeli and Emirati diplomats following their normalization agreement.