The UAE has set a new record in its non-oil foreign trade, reaching Dh1.239 trillion in the first half of 2023. This represents a 14.4% increase compared to the same period last year, according to UAE government officials.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, announced that non-oil exports exceeded Dh205 billion, a growth of 11.9% compared to H1 2022. This surpasses the total non-oil exports achieved in the entire year of 2017.
Sheikh Mohammed forecasted that the UAE’s non-oil foreign trade could exceed Dh2.5 trillion this year and is projected to hit Dh4 trillion by 2031. “2023 will be the best economic year in the history of our country. The UAE will remain a major player in international trade,” he stated on platform X, previously known as Twitter.
Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, emphasized the significance of the record figures. “These results underline the importance of foreign trade to our national economic growth and diversification ambitions,” he said.
Trade relationships with the UAE’s top 10 global partners saw a 22% increase this year, highlighting the country’s expanding international reach. Notably, trade with Turkey saw an 87% increase in just one year.
These robust figures are aligned with the UAE’s Comprehensive Economic Partnership Agreement (CEPA) program, aimed at deepening relationships with key markets globally. “We can anticipate new milestones as more CEPAs are signed,” Dr. Al Zeyoudi added.