UAE’s Non-Oil Foreign Trade Hits Record High of Dh1.24 Trillion

The United Arab Emirates (UAE) has achieved a big milestone in its trade. The country’s non-oil foreign trade, which includes goods being bought and sold with other countries.

The trade volume reached a record high of Dh1.24 trillion (around $337.6 billion) in the first half of 2023. This is a really big deal because it’s more than the UAE’s non-oil exports for the entire year five years ago.

The UAE’s non-oil exports with its top 10 trading partners went up by 22% in the first six months of this year. 

Sheikh Mohammed bin Rashid, who is an important leader in the UAE, shared this news and said that their non-oil foreign trade will likely go beyond Dh2.5 trillion by the end of this year. He also mentioned that they are aiming to achieve Dh4 trillion in trade by the year 2031.

The UAE’s economy has been doing well, and Sheikh Mohammed thinks that 2023 will be the best year for their economy. 

He believes that the country will remain a significant player in international trade and will keep its position as an important hub that connects different parts of the world.

Last year, the UAE’s non-oil foreign trade was Dh2.23 trillion, which was already a new record. 

This means the country is becoming even more important in global trade, and they’ve been working on making partnerships with countries like India, Israel, Turkey, and Indonesia to strengthen their trade relations.

Additionally, the UAE was invited to join a group called BRICS, which includes countries like Brazil, Russia, India, China, and South Africa. This invitation could help boost the UAE’s trade even further.

The UAE’s non-oil exports grew by 11.9% compared to the same time last year, reaching Dh205 billion in the first half of 2023. This is more than what the UAE earned from non-oil exports in the entire year of 2017.

Dr. Thani Al Zeyoudi, a UAE Minister, mentioned that this strong trade performance shows how important trade is for the UAE’s economic growth and diversification plans. 

The UAE’s trade agreements with other countries, known as Comprehensive Economic Partnership Agreements (CEPAs), are also contributing to their trade success.

The UAE has been trading a lot of products and programs with other countries, and they’ve made a record amount of money from it. 

Their exports to other countries have increased, and they have big plans to keep growing their trade in the future. 

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This is making the economy of UAE stronger and helping the nation become even more important in the global trade scene.