UAE's Economic Triumph: Non-Oil Foreign Trade Hits Unprecedented $953 Billion in 2023






In a remarkable feat of economic resilience and strategic planning, the United Arab Emirates (UAE) has achieved an unprecedented milestone, with its non-oil foreign trade reaching an all-time high of Dh3.5 trillion ($953 billion) in 2023. Despite challenges in the global movement of goods and services, the UAE's commitment to economic diversification has proven instrumental in this outstanding achievement.

The visionary leadership, epitomized by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, declared 2023 as a record year for the economy. Indeed, the UAE has not only met but exceeded expectations, reinforcing its position as a global trade powerhouse.

Sheikh Mohammed bin Rashid emphasized the growth of trade with the UAE's top 10 foreign partners by 26% in the past year. This surge is attributed to the strategic implementation of comprehensive economic partnership agreements (Cepas) with nations such as India, Turkey, and Indonesia. The UAE, already a global transport and logistics hub, is actively working towards signing a total of 26 Cepas, signaling its dedication to attracting more investments and diversifying its economic portfolio.

Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, expressed optimism about the UAE's trajectory, stating that the nation is "on course" to achieve its non-oil trade target of Dh4 trillion by 2031. The value of non-oil foreign trade with Cepa partners, both implemented and nearing conclusion, exceeded Dh390.5 billion, marking a substantial 24.5% increase compared to 2022.

The diversification efforts are evident in the composition of the non-oil trade, with Dh2.6 trillion attributed to goods and Dh900 billion to services. Dr. Al Zeyoudi highlighted that non-oil exports of goods now constitute 17.1% of the country's total non-oil foreign trade, showcasing a positive shift from 13% in 2018.

China retained its position as the UAE's leading trading partner, followed by India, the US, Saudi Arabia, and Turkey. Trade with Turkey experienced remarkable growth of 103.7%, following the implementation of a Cepa in September. The UAE's trade relations with other key partners, including Hong Kong, the US, and China, also witnessed significant increases.

Notably, the UAE's services trade surplus surged to Dh207 billion in 2023, driven by the travel and tourism industry. Dubai, a key travel hub in the Middle East, recorded a stellar annual tourism performance, with international arrivals increasing by 19.4% to 17.15 million.

The success of the UAE's non-oil foreign trade in 2023 affirms the nation's commitment to economic diversification, innovation, and global collaboration. As the UAE continues to navigate the dynamic landscape of international trade, its achievements serve as a testament to the effectiveness of strategic planning and forward-thinking economic policies.

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