The UAE's non-oil foreign trade hit a record Dh1.24 trillion ($337.6 billion) in the first half of 2023, up 14.4 percent year on year, as the country's non-oil exports during the period exceeded the annual level recorded five years ago. The country's non-oil exports with its top 10 most important trading partners rose by 22 percent in the first six months of this year, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai.
“Our non-oil foreign trade will exceed Dh2.5 trillion this year … and we will achieve the target we announced of Dh4 trillion by 2031,” he said on X, formerly known as Twitter.
“Intra-regional trade with Turkey, for example, grew 87 percent in just one year, indicating the effectiveness of our balanced, proactive, and positive foreign policies.”
Sheikh Mohammed said that 2023 will be the “best year in the country's history” in terms of the economy.
“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," he said.
Overall, non-oil exports grew by 11.9 percent annually to Dh205 billion in the first six months of the year, which was more than the full-year levels recorded in 2017, Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, said in separately. The country's non-oil exports topped Dh200 billion for the first time in the half-year period, underscoring the competitiveness of its manufacturing and services sectors, he said.