Sheikh Mohammed declares that 2023 will be the best economic year for the UAE, breaking the previous half-year record for non-oil foreign trade.
China, India, and the US continued to be the UAE’s main trading partners as the country’s non-oil foreign trade increased to a record Dh1.239 trillion in the first half of 2023, an increase of 14.4% over the same time in the previous year.
“The UAE’s non-oil export continues to set unprecedented records as it rose 22 per cent with the top 10 global trading partners in 2023… The bilateral trade with Türkiye recorded one of the highest growth rates in the first half of 2023, with 87.4 per cent growth compared to the same period in 2022,” His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said while announcing the outstanding accomplishment.
Since 2020, the UAE has had consistent growth in its non-oil exports on a quarterly basis. The signing of Comprehensive Economic Partnership Agreements (CEPAs) with Turkey, India, Indonesia, and many other nations, which increase exports, re-exports, and imports, are only two of the numerous factors contributing to the boom, along with the UAE’s investor-friendly policies. Additionally, the general economic profile of the nation was enhanced.
According to Sheikh Mohammed, the amazing accomplishments of the UAE are evidence of the effectiveness of the balanced trade strategy pursued by the country’s president, His Highness Sheikh Mohamed bin Zayed Al Nahyan.
The UAE Vice-President said, “The UAE will continue to be a significant player in international trade, maintaining its position as a bridge connecting the East with the West and the North with the South.”
The Comprehensive Economic Partnership Agreement program, which is strengthening ties with important markets around the world, including India and Turkey, two of the major export destinations, is improving relationships with these results, according to Thani bin Ahmed Al Zeyoudi, the UAE’s Minister of State for Foreign Trade. As additional CEPAs are signed, Al Zeyoudi predicted further milestones.
The country intends to sign 26 CEPAs in the upcoming several years to increase foreign trade with significant partners, according to Abdulla bin Touq Al Marri, Minister of Economy.
Exports, imports and re-exports
Non-oil exports increased 11.9% to a record Dh205 billion during the January-June 20023 period, exceeding the total for the entire 2017 full year, according to data issued by the Ministry of Economy.
Imports and re-exports both experienced significant growth. During the first half of 2023, the UAE’s re-exports were Dh341 billion, a 9.9% increase over H1 2022. The value of imports rose to Dh693 billion, up 17.5% from the prior period.
Top Trading Partners
According to the Ministry of Economy, China continues to be the UAE’s top international trading partner, followed by Saudi Arabia, the US, India, and China. Turkey, with whom the UAE inked a CEPA in March, placed in fifth; the top 10 countries were followed by Iraq, Switzerland, Japan, Hong Kong, and Russia.
The top ten trading partners of the UAE saw a combined increase in non-oil trade of 16.7%, while the rest of the markets saw growth of 12.4%.
The UAE’s major exports include gold, aluminum, lubricants, cigarettes, copper wires, jewelry, and gold. The largest gain, at 40.7%, was seen in gold exports, which totaled Dh218.3 billion.