The UAE’s Non-Oil Foreign Trade Reaches Record Levels of Growth
UAE Vice President and Prime Minister Mohammed bin Rashid confirmed that the UAE’s non-oil foreign trade continued to record record levels of growth in the first half of 2023, continuing its upward trajectory.
Achieving New Economic Milestones
Sheikh Mohammed bin Rashid said: “A new economic achievement for the UAE is that our non-oil foreign trade has set a new record, reaching AED 239 trillion in just six months this year. Our non-oil exports also continued to grow significantly, exceeding in 6 months what we achieved just a year ago, five years ago.”
He added: “The country’s non-oil exports with the world’s top 10 trading partners have increased by 22% this year, while domestic trade with Turkey, for example, has increased by 87% in just one year, indicating the soundness of our balanced forecast, an active and positive foreign policy under the leadership of the head of state, God bless him.”
Promising Future Outlook
The ruler of Dubai also expected the UAE’s non-oil foreign trade to rise to AED2.5 trillion and he said: “Our non-oil foreign trade will exceed AED2.5 trillion this year, God willing…and we reach the target we have announced we have reached amounts of 4 trillion dirhams in 2031. And as we predicted earlier, 2023 will be a better year, an economic year in the history of our country…and the country will remain a major player in international trade to strengthen its position as one of the most important world centers connecting the east of the world with the west and the north with the south…and the next one will be better and more majestic if God will give.”
Impressive Performance in the First Half of 2023
The state’s non-oil foreign trade recorded a new, unprecedented figure in the first half of 2023, exceeding one trillion 239 billion dirhams, up 14.4% year-over-year and up 3% year-on-year in 2022, the second half of last year.
Top Trading Partners
China retained its top spot as the country’s most important trading partner globally, India ranked second, the US and Saudi Arabia ranked third and fourth, and Turkey ranked fifth with the entry into force of the Comprehensive Economic Partnership Agreement between the UAE and Turkey in the near future. Iraq, Switzerland, Japan, Hong Kong, and the Russian Federation, respectively, took positions from six to ten.
($1 = AED 3.67)