Israel-UAE trade reach $523.2 mn in H1: Report

Following the normalisation of ties between Israel and the United Arab Emirates (UAE), the trade volume of the two nations reached $523.2 million in the first half of 2021, according to a report issued by the Federation of Israeli Chambers of Commerce (FICC), the country's largest business and employers' organisation.

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This is a jump of about 177 per cent compared to a trade figure of $188.9 million recorded throughout all 2020, Xinhua news agency quoted the report released on Sunday as saying.

Excluding diamonds, trade between the two countries totalled $229 million in January-June, up 143 per cent from $94.2 million in all 2020.

Israeli imports from the UAE jumped almost threefold in the first half to $342.2 million compared to all of 2020, while without diamonds, the imports amounted to $178.6 million, an increase of about 136 per cent.

Israeli exports to the UAE rose 145 per cent to $181 million in the first half, while without diamonds the exports rose 174 per cent to $50.4 million.

Israel and the UAE signed the historic normalisation deal on September 15, 2020, at the White House.