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2/22/24, 5:15 PM UAE’s non-oil trade hits record $953bn in 2023 - Business & Finance - Business Recorder

DUBAI: The United Arab Emirates’ non-oil trade reached a record

high 3.5 trillion dirhams ($952.93 billion) in 2023, Prime Minister

Sheikh Mohammed bin Rashid al-Maktoum said on X on Sunday,

reflecting the country’s initiatives to reduce its reliance on oil.

Trade in non-oil goods rose 12.6% from 2022, while exports of goods and

services surpassed 1 trillion dirhams to set a new record, Thani Al Zeyoudi,

minister of foreign trade, said in a separate social media post.

Since 2021, the Gulf oil exporter has initiated a raft of bilateral trade,

investment and cooperation deals - called Comprehensive Economic

Partnership Agreements (CEPAs) - to bolster efforts aimed at diversifying

income sources and economic sectors.

Zeyoudi told Reuters there had been no impact so far on the UAE of

disruption to Red Sea shipping routes from Houthi attacks.

“We think our country will not be disturbed with that... we are in a good

position, and it’s about how we are resilient, and the adaptability of the system

here to face the challenges facing the world and the region,” Zeyoudi said in an

interview.

The non-oil sector vastly outperformed overall GDP growth in the first six

months of 2023, surging almost 6% compared to overall growth of 3.7%.

“CEPAs are going to play a major role on our foreign trade numbers moving

forward,” Zeyoudi told Reuters, adding that UAE’s trade with its first CEPA

partner, India, grew around 4% last year, while trade with Turkey more than

doubled, the fastest growth among the UAE’s top 10 trade partners.

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