UAE's Non-Oil Foreign Trade Exceeds AED 3.5 Trillion in 2023 Under Visionary Leadership

Dr. Thani bin Ahmed Al Zeyoudi, the UAE's Minister of State for Foreign Trade, recently underscored the significant achievements in the nation's non-oil foreign trade. At the close of 2023, the UAE witnessed its non-oil foreign trade surpass AED3.5 trillion, marking an unprecedented milestone in the country's economic history. This achievement reflects the strategic vision of the UAE's leadership to broaden its trade and investment partnerships globally.

Despite a global trade downturn of 5 percent in the first half of 2023 and an 8 percent decrease in exports during the third quarter, the UAE's non-oil foreign trade continued to flourish. Dr. Al Zeyoudi attributed this success to the UAE's economic strategy, which emphasizes growth, diversification, and innovation. The Comprehensive Economic Partnership Agreement (CEPA) program has been instrumental in this regard, fostering stronger international ties and opening new avenues for exporters and entrepreneurs.

One of the most striking examples of CEPA's positive effects is seen in the UAE's trade relationship with Türkiye. In 2023, bilateral non-oil trade between the two nations surged by 103.7 percent, making Türkiye the fastest-growing among the UAE's top 10 trading partners and accounting for 5.1 percent of its total foreign trade. Notably, 60 percent of the UAE's non-oil exports were directed to Türkiye in the last five months of 2023, coinciding with CEPA's implementation.

The overall value of non-oil foreign trade between the UAE and its CEPA partners reached more than AED390.5 billion in 2023, showing a growth of 24.5 percent compared to 2022. This demonstrates not only the effectiveness of these agreements but also the international confidence in the UAE economy.

The UAE's trade in services also reached new heights, with a total value of AED967 billion, including AED587 billion from services exports. This sector represents a significant opportunity for future growth, as highlighted by Dr. Al Zeyoudi.

In summary, the UAE's strategic expansion of its trade network through CEPA and other initiatives has led to remarkable growth in its non-oil foreign trade. Despite global economic challenges, the nation continues to demonstrate resilience and innovation, setting new records and reinforcing its position as a dynamic and diversified economy open to international markets.

With inputs from WAM