UAE’s non-oil trade hits record high of $337.6bn in H1

Affirming its economic diversification journey, the UAE achieved an all-time high of 1.13 trillion dirhams ($337.6 billion) in non-oil foreign trade during the first half of 2023, representing a 14.4 percent growth compared to the same period a year ago.

The robust performance in the first half was driven by record non-oil exports, which reached 205 billion dirhams in the first half of 2023, up 11.9 percent compared to the same period in 2022, news agency WAM reported, citing figures released by the Ministry of Economy.

According to the report, non-oil exports in the first six months of 2023 exceeded those in 2017.

The report added that non-oil exports’ contribution to the UAE’s total foreign trade was 16.6 percent in the first half of this year, compared to an estimated share of 14.2 percent during the same period in 2019.

“The UAE’s non-oil export continues to set unprecedented records as it rose 22 percent 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 87.4 percent growth compared to the same period in 2022,” said Sheikh Mohammed bin Rashid Al-Maktoum, vice president, prime minister and ruler of Dubai.

He added: “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.”

The report added that UAE’s re-exports also recorded significant growth as the trade volume hit 341 billion dirhams in the first half of 2023, a 9.9 percent growth compared to the same period a year ago.

The UAE’s imports reached 693 billion dirhams in the first half, up 17.5 percent compared to the first of the previous year.

China was the UAE’s most active trading partner in the first half, followed by India, the US and Saudi Arabia. Turkiye, with whom the UAE recently signed a Comprehensive Economic Partnership Agreement, came in fifth place, followed by Iraq, Switzerland, Japan, Hong Kong and Russia.