The United Arab Emirates’ non-oil trade reached a record high of Dh3.5 trillion ($952.93 billion) in 2023, HH Prime Minister Sheikh Mohammed bin Rashid al-Maktoum said on X, the social media platform formerly known as Twitter.
The achievement showcases the country’s commitment to drive economic diversification from oil, despite a decline in the international movement of goods and services.
“We indicated at the beginning of 2023 that it will be a record year for the economy … and the UAE has cemented new bridges of co-operation through comprehensive partnership agreements in 2023,” HH Prime Minister Sheikh Mohammed said.
“The UAE today is at the heart of the global trade flow and its economic commitments with everyone continue. Our motto will always be that we say what we do and do what we say.”
Throughout 2023, the UAE recorded a record Dh2.6 trillion in goods and Dh900 billion in services.
The country’s non-oil foreign trade rose compared to the Dh2.23 trillion it recorded in 2022. Its trade with its top 10 most important foreign partners grew 26% during the same period. This growth was fostered by a series of bilateral trade, investment and cooperation deals, known as Comprehensive Economic Partnership Agreements (CEPAs), with countries including India, Turkey and Indonesia.
The UAE is targeting a non-oil trade target of Dh4 trillion by 2031.
In total, the value of the UAE’s non-oil foreign trade with Cepa partners, both those implemented and those nearing conclusion, exceeded Dh390.5 billion, up 24.5 per cent compared to 2022, Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, said in a post on X.
“The expansion of foreign trade is a pillar of the UAE’s economic strategy, a driving force of growth and diversification and a catalyst for sectors that focus on innovation, knowledge and advanced technology,” he added.
As a result, non-oil exports of goods now make up 17.1% of the UAE’s total non-oil foreign trade, compared with 13% in 2018.
The UAE’s top trading partners were China, India, the US, Saudi Arabia and Turkey, according to the country’s official press office. The rest of the top 10 trading partners included Iraq, Switzerland, Hong Kong and Oman.
Out of these, the fastest-growing partnership was the one with Turkey. The trade between the two nations grew by 103.7% year-on-year after the two countries implemented a Cepa in September.In comparison, the UAE’s trade with Hong Kong last year grew 47.9%. Trade with the US rose 20.1%, with China 4.2% and with India 3.9%.
Gold, aluminium, oils, cigarettes, jewellery, copper wire and ethylene polymers topped the list of the country’s most important exports of goods while expanding services sectors in UAE include travel and tourism, information and communication technology, financial services and professional services.
