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2/22/24, 5:15 PM UAE's non-oil foreign trade hit record $953bn in 2023
The country's trade with its top 10 most important foreign partners grew 26 per cent last year,
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said on social media platform
X on Sunday.

"We indicated at the beginning of 2023 that it will be a record year for the economy ... and the
UAE has cemented new bridges of co-operation through comprehensive partnership agreements
in 2023," he said.

"The UAE today is at the heart of the global trade flow and its economic commitments with
everyone continue. Our motto will always be that we say what we do and do what we say."

The Arab world's second-largest economy has signed a series of
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UAE 'on course' to reach $1tn non- comprehensive economic partnership agreements (Cepas) with
oil trade target by 2031 countries such as India, Turkey and Indonesia.

Dubai's non-oil foreign trade hits The UAE, a global transport and logistics hub, is working towards
$540bn a year before schedule signing 26 Cepas as it seeks to attract more investment and

diversify its economy.

The country's non-oil foreign trade of Dh3.5 trillion last year compares with Dh2.23 trillion in
2022, amid accelerated efforts to reduce its dependence on hydrocarbons and boost economic
partnerships around the world.

The UAE is "on course" to achieve its non-oil trade target of Dh4 trillion by 2031, driven by policies
such as the signing of Cepas, Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, said in
August.

In total, the value of the UAE's non-oil foreign trade with Cepa partners, both those implemented
and those nearing conclusion, exceeded Dh390.5 billion, up 24.5 per cent compared to 2022, Dr
Al Zeyoudi said in a statement on Sunday.

"The expansion of foreign trade is a pillar of the UAE’s economic strategy, a driving force of
growth and diversification and a catalyst for sectors that focus on innovation, knowledge and
advanced technology," he said.

The UAE's non-oil trade last year comprised Dh2.6 trillion in goods and Dh900 billion in services,
reflecting the "resilience and dynamism" of its economy, Dr Al Zeyoudi said in a post on X,
formerly Twitter, on Sunday.

Its non-oil goods trade grew 12.6 per cent year-on-year, while overall exports of goods and
services exceeded the Dh1 trillion mark in 2023 for the first time, he said.

This milestone "confirms that economic diversification plans are moving in the right direction
towards a future economy based on knowledge and innovation, and reflects the increasing
international trust in the UAE's economy and its move towards more openness to the world in
terms of trade and investment," the minister said.

Non-oil exports of goods now make up 17.1 per cent of the country's total non-oil foreign trade,
compared with 13 per cent in 2018, Dr Al Zeyoudi said.

Top trading partners

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