Market Profile UAE

UAE Market Profile

UAE industries are highly diversified with significant private investment, and its economy is the second largest in Latin America. The country’s strategic location, ample natural resources, broad industrial base and probusiness environment have enabled the country to integrate powerfully into regional and global value chains, helped by its 13 free trade agreements (FTAs) with 52 countries.

World Bank

Population 2017

47.7 Million

Ease of Doing BusinessRank (2018): 59th

Trading Partner Rank (2017)

Bilateral Trade with Singapore

S$698 Million

Singapore's 6th largest trading partner in Latin

America, and Singapore’s 64th largest trading partner worldwide

GDP 2017

US$1.15 Trillion

Why UAE?

UAE is the second-largest Latin American economy. Sectors that are open to UK and international business are extensive and include Mexico is the second-largest Latin American economy. Sectors that are open to UK and international business are extensive and include Advanced Engineering, Financial Services, Defence, Food & Drink. In 2018, trade between the UK and Mexico totaled £4.4 billion in goods and £2.8 billion in services.

SMEs in UAE Register a 100% Increase in Sales Through The Digital Channel During The First Half of 2021

New Self Serve Digital B2B Buying Journey & Its Implication For UAE Importers

B2B digital commerce, accelerated by the COVID-19 pandemic, is now top of mind for most importers. Over the next five years, an even greater rise in digital interactions between buyers and suppliers will break traditional sales models.

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Trade Balance Rank

Exporter Rank

Importer Rank

COMPARE IMPORTER RANK

COMPARE EXPORTER RANK

COMPARE IMPORTER RANK

Self-Service Matters For B2B

Increase in preference for self-service channels

Directed

Self-serve

% Replies by interaction

Source: OSI Results of Mckinsey’s 2nd boannual B2B customer buying research: US & Europe, 2016 and 2018/19 - note results for % increase have been rounded

Order

Reorder

Research

Evaluate

30

30

120

90

% Increase in self-serve preference

Digital Interaction Are Twice As Important

Increase in preference for self-service channels

For the period before COVID-19, which method was more important to your customers?

For the period before COVID-19, (next two weeks), which method do you believe is more important to your customers?

% of Respondents

% of Respondents

Traditional sales interactions

Digital-enabled sales interactions

2x

Source: McKinsey B2B Decision Maker Pulse Survey, April 7 , 2020 (n=3,619)

Buyers are willing to spend big using remote or self-service.

Maximum order value you would purchase through end-to-end digital self-service and remote human interactions for a new product or service category

1,2

% of respondents

Over $1M

amount 15% are willing to spend

$ 500K to $1M

amount 12% are willing to spend

$ 50K to $500K

amount 32% are willing to spend

Q: “What is the maximum order value that you would purchase through end-to-end digital self-serve and remote human interactions for a new product or service category”? Numbers do not add to 100% because “ i don’t know” option offered was not included for analysis. Source: McKinsey COVID-19 B2B Decision-Maker Pulse #3 7/27-811/2020 (n = 3,626)

Total Trade

Total Exports 2019

$460,703,804,234

Total Imports 2019

$455,289,486,227

Trade Balance 2019

$5,414,318,007

Exports of Goods and Services (% of GDP) (2020)

Imports of Goods and Services (% of GDP) (2020)

37.89%

40.09%

Top 10 Import Countries

USA

JAPAN

CHINA

GERMANY

$206,142,139,412

$17,958,030,353

$83,052,433,871

$17,689,708,318

(Import USD$)

(Import USD$)

(Import USD$)

(Import USD$)

CANADA

MALAYASIA

BRAZIL

SOUTH KOREA

$9,828,352,339

$11,584,471,521

$6,639,414,285

$17,645,847,396

(Import USD$)

(Import USD$)

(Import USD$)

(Import USD$)

ITALY

VIETNAM

$6,094,902,661

$6,079,449,024

(Import USD$)

(Import USD$)

Top 10 Import Goods

85

84

87

27

HS Code

HS Code

HS Code

HS Code

Electrical Machinery

Industrial Machinery

Motor Vehicles & Parts

Oil &Mineral Fuels

$94,778,613,207

$76,969,737,658

$42,689,329,188

$40,959,928,846

Import USD$

Import USD$

Import USD$

Import USD$

39

99

90

72

HS Code

HS Code

HS Code

HS Code

Plastics

Items nesoi

Precision Instruments

Iron & Steel

$24,585,722,177

$17,941,293,123

$16,233,792,171

$10,753,971,288

Import USD$

Import USD$

Import USD$

Import USD$

73

29

HS Code

HS Code

Iron & Steel Articles

Organic Chemicals

$9,827,189,118

$8,335,133,306

Import USD$

Import USD$