The UAE’s non-oil foreign trade reached a record 1.239 trillion dirhams ($337.6 billion) in H1 2023, representing a growth of 14.4 per cent compared to the same period in 2022 – and 3pc more than H2 2022.
The figures, released by the Economy Ministry, underline the continued upward trajectory of the nation’s foreign trade, which has achieved quarter-on-quarter growth since 2020.
UAE Vice President, Prime Minister and Dubai Ruler Shaikh Mohammed bin Rashid Al Maktoum stated that the UAE has recorded a new remarkable economic achievement, with non-oil foreign trade recording exceptional growth rates by exceeding 1.239trn dirhams in the first half of 2023.
“The UAE’s non-oil export continues to set unprecedented records as it rose 22pc 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 87.4pc growth compared to the same period in 2022,” said Shaikh Mohammed.
He added that the remarkable achievements of the UAE represents a success in the balanced trading policy under the leadership of President Shaikh Mohamed bin Zayed Al Nahyan.
“The UAE will remain a major player in international trade, maintaining its position as a bridge linking the East with the West, and the North with the South,” said Shaikh Mohammed.
The unprecedented figures are buoyed by record non-oil exports, which reached 205bn dirhams in H1 2023, an 11.9pc growth compared to the first half of 2022 and 5.4pc 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 16.6pc in H1 2023, compared to its estimated share of 14.2pc during the same period in 2019.
Re-exports and imports also recorded significant growth. The total value of UAE’s re-exports reached 341bn dirhams during the first half of 2023, a 9.9pc growth on H1 2022, and 2.2pc compared to the second half of 2022. Imports increased to 693bn dirhams, up 17.5pc compared to the first half of 2022 and 2.6pc more than the second half of 2022.
China has retained its position as the UAE’s leading global trading partner, followed by India, the US and Saudi Arabia. Türkiye, with whom the UAE signed a Comprehensive Economic Partnership Agreement in March, came in fifth place, with Iraq, Switzerland, Japan, Hong Kong, and Russia completing the top 10. Overall, the UAE’s top ten trading partners witnessed a sizeable increase in non-oil trade, with a combined growth of 16.7pc, while the rest of the markets accounted for 12.4pc growth.
Among the UAE’s top ten trading partners, Türkiye recorded one of the highest growth rates in the first half of 2023, with 87.4pc growth compared to the same period in 2022 – and with its share of the UAE’s total non-oil foreign trade increasing to 4pc.
The UAE’s non-oil exports to its top ten trading partners grew by a total of 22.9pc. Switzerland headed the top five non-oil export destinations, while Türkiye made a significant leap to second. Saudi Arabia and India occupied the third and fourth positions, respectively, while North Macedonia joined the list for the first time, ranking fifth.
Gold, aluminum, oils, cigarettes, copper wires, jewelry, and aluminum topped the list of the UAE’s most prominent exports. Ahead of oil and cigarettes, gold exports registered the highest growth in H1 2023, up 40.7pc to reach 218.3bn dirhams. The contribution of gold exports to the UAE’s non-oil foreign trade was 17.6pc, compared to 14.3pc in the corresponding period of 2022.
&uuid=(email))