UAE Foreign Trade Soars to Historic High of $953 Billion in 2023


UAE Foreign Trade Reaches New Heights in 2023

In a remarkable milestone, the United Arab Emirates (UAE) has achieved an all-time high in its non-oil foreign trade, reaching a staggering 3.5 trillion dirhams (approximately $953 billion) in 2023. This significant increase from the previous year’s 2.2 trillion dirhams underscores the country’s resilience and growth in the face of global economic challenges.

Robust Growth in Trade Partnerships

Sheikh Mohammed bin Rashid Al-Maktoum highlighted the non-oil foreign trade growth. Specifically, he noted a 26% increase with the UAE’s top 10 partners last year. This increase in non-oil foreign trade underscores the country’s strategic efforts. Moreover, it demonstrates the aim to strengthen trade partnerships. Additionally, it expands the UAE’s economic influence globally.

Comprehensive Partnership Agreements Drive Growth

The UAE’s trade achievements can be attributed to the establishment of new avenues for cooperation through comprehensive partnership agreements in 2023. Notably, the country saw impressive growth in non-oil foreign trade with key partners, including a surge of more than 103 percent with Turkiye, 47 percent with Hong Kong-China, and 20 percent with the United States—all within a single year.

Non-Oil Exports on the Rise

Dr. Thani Al-Zeyoudi, the UAE’s Minister of State for Foreign Trade, announced that the UAE had exceeded the 1 trillion dirhams threshold in goods and services exports for the first time. Non-oil exports of goods now account for 17.1 percent of the UAE’s total non-oil foreign trade, a significant increase from 13 percent in 2018.

Sustained Upward Trajectory in Foreign Trade

The UAE’s non-oil foreign trade soared in H1 2023. It reached an unprecedented AED 1.239 trillion. This marked a 14.4% yearly increase. Additionally, it was a 3% rise from H2 2022. Data from the Ministry of Economy shows sustained growth. Foreign trade has increased quarter-on-quarter since 2020. This upward trajectory highlights the UAE’s economic resilience. Moreover, it demonstrates the success of strategic initiatives. These initiatives aim to boost foreign trade volumes.

The UAE’s remarkable non-oil foreign trade achievement demonstrates economic resilience. It also shows the ability to navigate global challenges.As the UAE continues strengthening trade partnerships, new ground awaits. Furthermore, diversifying the economy positions the country for future success.In summary, the UAE is poised to break new ground. This results from its strategic economic initiatives. Ultimately, these efforts drive sustainable growth and prosperity.

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