The UAE's exports grew by 6% during the first eight months of 2020, when compared to the same period of 2019, as shown by a study conducted by the UAE Ministry of Economy. The UAE's exports have contributed to 17.5% of the UAE's total non-oil foreign trade in the January-August period of 2020, up from 14.3% during the year-ago period, according to a press release on Sunday. Meanwhile, the UAE's trade deficit decreased to 5% in the first eight months of 2020 from 6% in the corresponding period of 2019.
The total value of the UAE's non-oil foreign trade increased by 13.6% in August 2020, when compared to the same month of the earlier year, with a 46% rise in exports and 14.9% in imports. In the January-August period of 2020, the total value of the UAE's foreign trade retreated by 13.1%, when compared to the prior-year period. In August and July, China topped the UAE's non-oil trade partners, accounting for 11% of the total value of the UAE's non-oil foreign trade, followed by Saudi Arabia with 6.8% and India with 6.4%.