Country trade view United Arab Emirates
The United Arab Emirates’ export is highly dependent on oil. The dependency is twofold: most of the UAE’s output is oil or oil related and government tax income (and therefore the government budget) depends on oil market developments. Imports are expected to grow across all ING defined categories.
This is also the case for exports, but we see that export diversification is developing slowly. China is expected to become the most important trade partner. Indeed, China is becoming the biggest source of imports for the UAE while it has been the main destination for Emirati exports for years.
To learn more about the current state of trade and our expectations of future trade, read our Country trade view United Arab Emirates.