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2/22/24, 5:15 PM UAE nears $1tn in non-oil foreign trade in 2023
“Our foreign trade with the 10 most important trading partners has jumped by
26 percent, with Turkiye by more than 103 percent, with Hong Kong-China by 47
percent, and with the United States by 20 percent. And that was within just one
year,” he added.
In a separate post on X, UAE’s Minister of State for Foreign Trade Thani Al-
Zeyoudi stated tha t the nation surpassed the 1 trillion dirhams mark for exports
of goods and services for the rst time.
“Non-oil exports of goods now make up 17.1 percent of our total non-oil foreign
trade, compared to 13 percent in 2018. Trade continues to drive opportunity for
UAE industry,” Al-Zeyoudi said.
He furthe r explained tha t the nation’s bilateral trade with Turkiye, which saw
the signing of a Comprehe nsive Economic Partnership Agreement in March,
increased by 103.7 percent last year.
“Making it the fastest growing among our top 10 trading partners and revealing
the benets of closer economic ties,” he added.
Furthe rmore, the UAE’s non-oil foreign trade surged to an unprecedented 1.239
trillion dirha ms in the rst ha lf of 2023, marking a 14.4 percent increase from
the same period in 2022 and a 3 percent rise from the second half of 2022.
According to data from the UAE’s Ministry of Economy, this growth continues
the nation’s consistent upward trend in foreign trade, which has seen quarter-
on-quarter increases since 2020.
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