UAE makes history with a huge non-oil trade of $952 billion: HH Sheikh Mohammed

Dubai: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, celebrated the UAE’s remarkable achievement under President His Highness Sheikh Mohamed bin Zayed Al Nahyan’s leadership, with the nation’s non-oil foreign trade exceeding AED 3.5 trillion.

Sheikh Mohammed noted that despite global trade challenges, the UAE’s foreign trade soared to unprecedented levels in 2023, as reported by the United Nations Conference on Trade and Development. The UAE established new partnerships, resulting in significant trade boosts with top partners like Turkey, Hong Kong-China, and the USA.

The UAE’s non-oil exports in 2023 surged to over AED 441 billion, doubling the 2018 figures and nearing a twofold increase from 2019. Non-oil exports now contribute 17.1 percent to the country’s overall foreign trade, up from 13 percent in 2018.

Accompanying this growth, re-exports reached AED 690 billion, showing a continuous upward trend. Imports also saw substantial growth, totaling AED 1.4 trillion, with significant increases in commodities like gold, telephones, and petroleum oils.

The UAE’s services trade surplus rose to AED 207 billion, driven by sectors such as travel and tourism, ICT, finance, education, and logistics. Trade with the top 10 partners, notably Turkey, India, and the USA, saw remarkable growth, with non-oil exports increasing by 26.9 percent.

Key goods exports included gold, aluminum, oils, and jewelry, highlighting the country’s diverse trade portfolio. In Q4 2023, the UAE’s non-oil foreign trade reached a record AED 710 billion, marking consistent growth in exports, signaling promising prospects for further expansion.

Also read: UAE and India: Setting global benchmarks of strategic partnership and bilateral ties