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2/22/24, 5:15 PM UAE's non-oil foreign trade hit record $953bn in 2023
China retained its status as the UAE’s leading trading partner, followed by India, the US, Saudi
Arabia and Turkey, the UAE government media office said in a statement on Sunday. Rounding off
the top 10 were Iraq, Switzerland, Hong Kong, Japan and Oman.
The UAE's non-oil trade with Turkey, which contributed 5.1 per cent to the total, grew by 103.7 per
cent year-on-year in 2023, the highest among the top 10 trading partners. This came after the two
countries in September implemented a Cepa.
The UAE's trade with Hong Kong last year grew 47.9 per cent, ranking it eighth among the UAE’s
top 10 trading partners, while trade with the US rose 20.1 per cent, and with China 4.2 per cent.
Trade with India, which signed a Cepa with the UAE in May 2022, grew by 3.9 per cent,
accounting for more than 7.6 per cent of the total trade.
Non-oil exports
The UAE's non-oil trade with the world was buoyed by a continued increase in its non-oil exports.
The value of non-oil exports exceeded Dh441 billion, up 16.7 per cent in 2023 compared to 2022.
Gold, aluminium, oils, cigarettes, jewellery, copper wire and ethylene polymers topped the list of
the country's most important exports of goods.
Similarly, the UAE's re-exports also increased last year to Dh690 billion, up 6.9 per cent from the
year before.
UAE imports in 2023 rose 14.2 per cent year-on-year to Dh1.4 trillion.
The top goods imported were gold, telephones, petroleum oils, cars and diamonds.
Travel lifts trade in services
The UAE's services trade surplus grew to Dh207 billion in 2023, up from Dh96.26 billion in 2021,
lifted by the travel and tourism industry, the statement said.
Dubai, the Middle East's travel hub, recorded its best annual tourism performance, with
international tourist arrivals to the emirate increasing by 19.4 per cent annually to 17.15 million in
2023, according to the latest data published by Dubai’s Department of Economy and Tourism.
This exceeded the previous record of 16.73 million visitors in 2019.
Other key sectors contributing to the UAE's trade services growth included ICT, professional and
financial services, education, medical tourism, Islamic financial services, logistics and creatives.
Trade in services reached Dh967 billion, of which Dh587 billion was in services exports, according
to the minister.
"This is an important area of opportunity for the UAE – and one on which we will focus in the
years ahead to drive more growth," Dr Al Zeyoudi said in a statement.
The quarterly performance of the UAE's non-oil trade "promises further growth", the government
statement said.
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