UAE has reported a record-high non-oil trade volume of $952.93B in 2023, 12.6% increase from the previous year.
The United Arab Emirates (UAE) has reported a record-high non-oil trade volume of $952.93 billion in 2023, which marked a 12.6 per cent increase from the previous year, Reuters reported.
Prime Minister Sheikh Mohammed bin Rashid al-Maktoum hailed achievement as indication to the country’s efforts to diversify its economy and reduce dependence on oil revenues.
“This remarkable milestone underscores our commitment to economic diversification and resilience,” stated Prime Minister Sheikh Mohammed bin Rashid al-Maktoum.
The surge in non-oil trade reflects the effectiveness of policies aimed at expanding income sources and fostering growth across various sectors beyond the oil industry.
Minister of Foreign Trade, Thani Al Zeyoudi, emphasised the significance of UAE’s non-oil sector, which outpaced overall GDP growth in first half of 2023, registering robust 6 per cent increase.
Zeyoudi underscored pivotal role of Comprehensive Economic Partnership Agreements (CEPAs) in driving trade expansion, citing substantial growth in trade volumes with key partners such as India and Turkey.
Despite external challenges, including disruptions to Red Sea shipping routes due to Houthi attacks, Minister Zeyoudi expressed confidence in resilience of UAE’s economy.
He affirmed country’s preparedness to navigate global uncertainties, citing adaptability and robustness in facing regional and international challenges.
Zeyoudi’s remarks underscore UAE’s confidence in its ability to sustain economic growth amid evolving geopolitical dynamics.
UAE’s burgeoning services sectors, including travel and tourism, information technology, financial services, and professional services, have contributed significantly to expansion of non-oil trade.
Additionally, country’s major non-oil exports, such as gold, aluminium, jewellery, copper wire, and ethylene polymers, have showcased remarkable growth, further diversifying nation’s export portfolio.
Minister Zeyoudi highlighted substantial growth in non-oil commodity exports, which surged by 16.7 per cent to reach 441 billion dirhams in 2023, constituting a notable portion of UAE’s foreign trade.
Furthermore, re-exports experienced a significant uptick, rising by almost 7 per cent to reach 690 billion dirhams, reflecting country’s pivotal role as a regional trade hub.
(With inputs from Reuters)