The United Arab Emirates (UAE) recorded a historic high in its non-oil trade volume for 2023, reaching $952.93 billion, as reported by Reuters. This figure represents a notable increase of 12.6 percent compared to the previous year.
Prime Minister Sheikh Mohammed bin Rashid al-Maktoum hailed this achievement as a testament to the country’s ongoing efforts to diversify its economy and reduce reliance on oil revenues. He described it as a significant milestone that underscores the UAE’s commitment to economic diversification and resilience.
The surge in non-oil trade is seen as a reflection of the effectiveness of policies aimed at expanding income sources and promoting growth across various sectors beyond the oil industry. Minister of Foreign Trade, Thani Al Zeyoudi, highlighted the importance of the UAE’s non-oil sector, which demonstrated strong performance in the first half of 2023, surpassing overall GDP growth with a robust 6 percent increase.
Zeyoudi emphasized the crucial role played by Comprehensive Economic Partnership Agreements (CEPAs) in driving trade expansion, noting significant growth in trade volumes with key partners such as India and Turkey.
Despite facing external challenges, such as disruptions to Red Sea shipping routes due to Houthi attacks, Minister Zeyoudi expressed confidence in the resilience of the UAE’s economy. The country has shown its ability to withstand such challenges and continue its upward trajectory in non-oil trade.
Overall, the record-high non-oil trade volume for 2023 reflects the UAE’s proactive approach to economic diversification and its success in expanding trade relationships with key partners, despite prevailing global challenges.
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