UAE non-oil trade reaches record high in 2023

UAE non-oil trade reaches record high in 2023

20 February 2024, Emirates NBD

Total UAE non-oil foreign trade reached record levels in 2023, rising to a value of AED3.5 trillion. The announcement, made by His Highness Sheikh Mohammed bin Rashid Al Maktoum, highlighted that non-oil trade with the country’s top 10 partners had risen 26% y/y. Specifically non-oil trade with Turkey, Hong Kong and the USA rose by 103%, 47%, and 20%, on an annual basis, respectively. Comments from Dr. Al Zeyoudi, Minister of State for Foreign Trade, further highlighted the importance of recent CEPA agreements. He noted that non-oil foreign trade with countries with whom CEPAs have either been implemented or are nearing implementation rose 24.5% y/y to a value of AED390.5 billion.

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