UAE records historic Dhs3.5 trillion non-oil foreign trade

Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-president and Prime Minister of the UAE and Ruler of Dubai, has announced a historic milestone for the UAE’S non-oil foreign trade soaring to an unprecedented Dhs3.5 trillion in 2023.

This period saw non-oil exports climb to over Dhs441 billion, marking a 16.7 per cent increase from 2022 and making up 17.1 per cent of the country’s total foreign trade. This is a significant rise from 14.1 per cent in 2019 and 13 per cent in 2018, with 2023’s exports more than doubling those of 2018 and nearly doubling those of 2019.

“We indicated at the beginning of 2023 that it would be a record economic year. The UAE has established new bridges of cooperation through comprehensive partnership agreements. Thus, our foreign trade with the top 10 trading partners jumped by 26 per cent, with Türkiye by more than 103 per cent, with Hong Kong-china by 47 per cent, and with the USA by 20 per cent,” His Highness Sheikh Mohammed bin Rashid stated.

Alongside the spike in foreign trade and non-oil exports, re-exports also experienced significant growth, reaching Dhs690 billion—a 6.9 per cent increase from 2022 and 27.7 per cent from 2021, continuing their growth trajectory seen in recent years.

Imports too witnessed growth, reaching Dhs1.4 trillion in 2023, up 14.2 per cent from the previous year. Imported commodities saw a 20.9 per cent growth from 2022, with other commodities growing by 6.3 per cent. Key imports included gold, phones, petroleum oils, cars, and diamonds, reflecting the UAE’S diverse and expanding trade portfolio.