UAE Non-Oil Trade Hit AED1.239 Trillion in H1, Sheikh Mohammed Hails Record Year
The UAE saw non-oil trade reach a record AED1.239 trillion ($337.3bn) as it is on track for a record-breaking year for the economy.
Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai said the country is facing its best-ever economic year and hailed the UAE’s position as a global trading centre.
In a message on social media, he said: “As we said previously, 2023 will be the best economic year in the history of our country. The UAE will remain a major player in international trade to consolidate its position as one of the most important global centres linking the east of the world with its west and north with its south”.
The UAE’s non-oil foreign trade reached a record AED1.239tn ($337.3bn) in H1 2023, representing a growth of 14.4 per cent compared to the same period in 2022 and three per cent more than H2 2022.
The figures, released by the Ministry of Economy, underline the continued upward trajectory of the nation’s foreign trade, which has achieved quarter-on-quarter growth since 2020.
في إنجاز اقتصادي جديد لدولة الإمارات سجلت تجارتنا الخارجية غير النفطية رقماً قياسياً جديداً بوصولها لتريليون و 239 مليار درهم خلال ستة أشهر فقط العام الحالي ..
— HH Sheikh Mohammed (@HHShkMohd) August 30, 2023
وواصلت صادراتنا غير النفطية أيضاً نموها بشكل كبير حيث تجاوزت خلال 6 أشهر ما كنا نحققه في عام كامل قبل خمس سنوات فقط…
Sheikh Mohammed said that the UAE has recorded a new remarkable economic achievement, with non-oil foreign trade recording exceptional growth rates by exceeding AED1.239tn in the first half of 2023.
He said: “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 Turkey 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.”
Sheikh Mohammed said that the remarkable achievements of the UAE represent a success in the balanced trading policy under the leadership of President Sheikh Mohamed bin Zayed Al Nahyan.
The unprecedented figures are buoyed by record non-oil exports, which reached AED205bn ($56bn) in H1 2023, an 11.9 per cent growth compared to the first half of 2022 and 5.4 per cent more than H2 2022.
Importantly, non-oil exports in the first six months of 2023 exceed the exports recorded in the whole of 2017. The contribution of non-oil exports to the UAE’s total foreign trade was 16.6 per cent in H1 2023, compared to its estimated share of 14.2 per cent during the same period in 2019.
Re-exports and imports also recorded significant growth. The total value of UAE’s re-exports reached AED341bn ($93bn) during the first half of 2023, a 9.9 per cent growth on H1 2022, and 2.2 per cent compared to the second half of 2022.
Imports increased to AED693bn ($189bn), up 17.5 per cent compared to the first half of 2022 and 2.6 per cent more than the second half of 2022.
