2024: Trade turnover between Russia and UAE reaches $10 billion
Trade between Russia and the UAE in 2024 reached $10 billion, which is three times higher than three years ago. This was announced on February 17, 2025 by the First Deputy Prime Minister of Russia Denis Manturov. The steady growth of trade is due to the expansion of bilateral cooperation, the development of investment projects and the increase in the supply of Russian goods to the Emirati market.
According to TASS, Russia is also counting on the development of an industrial partnership, which will form a base for stable trade in the future.
The main categories of Russian exports to the UAE:
- Petroleum products and bitumen mixtures.
- Coal.
- Diamonds and jewelry.
- Rubber and plastics.
- Organic and mineral fertilizers.
- Ferrous and non-ferrous metals.
- Machine tools and spare parts.
- Motor transport.
- Lumber and paper.
- Zerno, meat, fish, dairy products.
- Confectionery and beverages.
Russian imports from the UAE include:
- Petroleum products.
- Jewelry and raw materials.
- Plastics and polymers.
- Electronic devices and household appliances.
- Fruits and vegetables.
The nomenclature of goods is constantly expanding, contributing to a stable growth in mutual trade. First Deputy Prime Minister Denis Manturov noted the positive dynamics of trade turnover that has formed over the past years.
Russian President Vladimir Putin in October 2024 emphasized a threefold increase in trade between the countries over the past three years. This indicates the active development of trade and economic cooperation between Russia and the UAE.
In the structure of mutual trade, a significant share is occupied by commodities, chemical products, precious stones and metals, as well as machinery and equipment. The volume of trade in food products and agricultural products is also growing.[1]
2023
The volume of non-oil trade between the UAE and Russia over 5 years has grown 4 times and exceeded $11 billion
The volume of non-oil trade between the UAE and Russia over 5 years has grown 4 times and exceeded $11 billion at the end of 2023. This was stated by UAE President Sheikh Mohammed bin Zayed Al Nahyan at the talks by Russian President Vladimir Putin on October 21, 2024.
As noted by TASS, the UAE is Russia's main trading partner in the Arab world. The Russian Federation, among other things, exports gold, diamonds and oil products to the UAE. The basis of Russian imports from the UAE are cars, units, as well as devices for agriculture.
UAE increased annual purchases of petroleum products from Russia to a record $971 million
On July 10, 2024, it became known that United Arab Emirates in 2023 they increased purchases of petroleum products from Russia to a record 971 million, dollars which significantly exceeds the 2022 figure of $237.8 million.
In addition, coal imports from Russia to the UAE increased 1.7 times, reaching $75.3 million. The total trade turnover between Russia and the UAE for 2023 amounted to a record 11.2 billion dollars, which is an important indicator for both countries.
During his visit to the UAE, Russian President Vladimir Putin stressed that this country is Russia's main economic partner in the Arab world. Putin's visit was the first to the Arab world after the start of a special military operation in Ukraine, which demonstrated the significance of relations between Russia and the UAE. Putin noted that thanks to close contacts and joint work, relations between the two countries have reached an unprecedented level.
Russian Prime Minister Mikhail Mishustin noted that relations between Russia and the UAE have reached a new level, which is confirmed by the record level of trade, which approached 1 trillion rubles. Mishustin stressed that the countries are connected by many years of friendship and fruitful cooperation, which contributes to the implementation of large joint projects.
The UAE has become an important economic hub for Russia amid a breakdown in economic ties with Europe. According to Deputy Prime Minister and Head of the Ministry of Industry and Trade Denis Manturov, the volume of mutual trade between Russia and the UAE in 2022 grew by 68% and reached $9 billion. This highlights the importance of the UAE for the Russian economy, especially in the context of geopolitical changes.
In addition, more than 700 Russian companies have opened their branches in the UAE, which indicates the expansion of Russia's business presence in the region.[2]
Russia tripled the supply of agricultural products to the UAE
In 2023, Russia delivered about 902 thousand tons of agro-industrial complex products to the UAE, which is almost three times more than a year earlier. The volume of exports in money increased by 72%. This was announced on February 19, 2024 by the press service of the Federal State Budgetary Institution "Agroexport" under the Ministry of Agriculture of the Russian Federation. Read more here.
Rising imports of naphtha from Russia
2022
Export of a record 96 tons of gold from Russia to the UAE
Russia became the main source of gold for the UAE after Western countries refused to buy: according to the UN Comtrade database, in 2022 the UAE imported 96.4 tons of gold from Russia - more than any other country.
The UAE has long been one of the key hubs for the precious metals trade, especially from Africa and India, but in 2022 it was instrumental in the Russian gold trade for the first time.
Trade turnover between Russia and the UAE grew by 68% to a record $9 billion
Trade between Russia and the UAE in 2022 grew by 68% and reached a record $9 billion.
Imports from Russia 96 tons of gold
Russia became the main source of gold for the UAE after Western countries refused to buy: according to the UN Comtrade database, in 2022 the UAE imported 96.4 tons of gold from Russia - more than any other country.
The UAE has long been one of the key hubs for the precious metals trade, especially from Africa and India, but in 2022 it was instrumental in the Russian gold trade for the first time.
Other major gold suppliers to the UAE in 2022 were Mali and Ghana, supplying 95.7 tons and 81 tons, respectively. Switzerland became the main destination for the export of gold from Arab countries, accepting 145 tons.
2021
Growth of trade with Russia to $5.4 billion
In 2020, the trade turnover of Russia and the UAE reached $3.3 billion, in 2021 - $5.4 billion. Good performance in trade between the two countries is largely due to the economic favorability regime. Official Dubai has long lifted all quantitative export restrictions, and also does not apply any anti-dumping measures against Russian products.
Growth of trade with Russia in the 1st half of the year by 79%
The trade turnover of Russia with the UAE in the first half of 2021 amounted to $2.53 billion, an increase of 79% compared to the same period in 2020. Russia's imports from the UAE amounted to $172.456 million, an increase of 43.46% compared to the same period in 2020.
Notes
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