"UAE Achieves Record Dhs3.5tn Non-Oil Trade in 2023"

19 Feb, 2024

UAE Achieves Record Dhs3.5tn Non-Oil Trade in 2023

The UAE has significantly expanded its non-oil trade, investment, and collaboration with burgeoning economies, despite global economic challenges. In 2023, non-oil foreign trade soared to a remarkable $952.93 billion (Dhs3.5 trillion), reflecting a resilient economy. Notably, non-oil commodity exports surged by 16.7%, reaching Dhs441 billion, showcasing robust growth compared to previous years. The country's non-oil trade in goods hit a record Dhs710 billion, with exports escalating by 39.3% year-on-year to Dhs132.2 billion. Bilateral partnerships flourished, propelling trade with top nations by substantial margins, including Turkey (103%), Hong Kong-China (47%), and the US (20%).

Furthermore, re-exports surged by 6.9%, touching Dhs690 billion, while imports spiked to Dhs1.4 trillion, emphasising the UAE's pivotal role as a global trade hub. Notably, gold, telephones, petroleum oils, cars, and diamonds dominated imports. The UAE's proactive stance in forging alliances is evident in its strategic engagements with emerging economies like Türkiye, Indonesia, India, and Cambodia. The Comprehensive Economic Partnership Agreement (CEPA) with Türkiye, for instance, bolstered trade over 100%, fostering economic resilience and diversification efforts. China remains the UAEby 's foremost trading partner, underscoring sustained economic dynamism amid evolving global landscapes. With an array of CEPA agreements and strategic alliances, the UAE is poised to foster sustainable economic growth and attract significant foreign investments across diverse sectors in the coming years