UAE announces a historic milestone with a record of $952bn in non-oil trade
A noteworthy development in the UAE's foreign non-oil commerce sector was declared by Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister, and ruler of Dubai.
An incredible accomplishment for the country, the value of goods and services in this sector soared to a record high of AED 3.5 trillion in 2023.
In a recent statement shared on Sunday, Sheikh Mohammed expressed gratitude for the continuous stream of achievements in the UAE. He highlighted the latest figures on non-oil foreign trade, emphasizing the unprecedented milestone reached in 2023. This achievement is particularly noteworthy given the global downturn in international trade, as reported by the United Nations Conference for Trade and Development.
Sheikh Mohammed underscored the resilience of the UAE's economy amidst challenging global conditions. Despite the prevailing economic headwinds, the country's steadfast progress in non-oil foreign trade reflects its ability to adapt and thrive in a dynamic international landscape.
The UAE's success can be attributed to its proactive approach to establishing comprehensive partnership agreements with various nations. These collaborations have opened new avenues for trade and fostered mutually beneficial relationships. Notably, trade with the UAE's top ten trading partners witnessed significant growth, showcasing the effectiveness of these strategic partnerships.
Sheikh Mohammed highlighted specific examples of remarkable trade surges, such as the exponential increase in trade with Turkey by over 103 percent. Additionally, trade with Hong Kong and China surged by 47 percent, while trade with the United States saw a notable uptick of 20 percent within a single year. These figures underscore the UAE's role as a key player in the global trade arena and highlight its ability to capitalize on emerging opportunities.
Sheikh Mohammed further emphasized the UAE's dedication to its fundamental values, which include keeping strong economic relationships with allies throughout the world and keeping promises made. The nation's commitment to promoting sustainable economic growth and prosperity for both its partners and residents is emphasized by this pledge.
