UAE’s Non-Oil Trade Hits Record $953 Bn In 2023

UAE’s Non-Oil Trade Hits Record $953 Bn In 2023

UAE’s non-oil foreign trade soared to a record $953 billion in 2023, with non-oil exports reaching $120 billion, a 16.7% increase from 2022. These exports have doubled since 2018 and are nearing doubling compared to 2019.
Sheikh Mohammed bin Rashid Al Maktoum attributed this success to new partnership agreements, especially with top trading partners like Türkiye, seeing a 103% rise, and Hong Kong-China, up by 47%.

Gold, aluminium, oils, cigarettes, jewellery, copper wire, and ethylene polymers were the top exports. Re-exports rose 6.9% to AED690 billion, with imports climbing 14.2% to AED1.4 trillion. Türkiye saw the highest growth at 103.7%, while Hong Kong-China, the US, and India also saw significant increases.

The UAE’s services trade surplus surged to AED207 billion in 2023 from AED96.26 billion in 2021, led by sectors like travel, ICT, professional services, education, and logistics. Q4 2023 witnessed record non-oil foreign goods trade at AED710 billion, with non-oil exports hitting AED132.2 billion, marking consistent growth since Q1 2023. China remained the top trading partner, followed by India, the US, Saudi Arabia, and Turkey. The UAE’s trade resilience, supported by strategic alliances and a wide range of industries, highlights its status as a hub for global trade that is ready to grow.