ABU DHABI — The forward-looking vision of the wise leadership to expand the network of trade and investment partners was significantly reflected in the UAE’s non-oil foreign trade of goods and services, which continued to record unprecedented historical numbers at the end of 2023, exceeding over AED3.5 trillion (US$953 billion), said Dr. Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade.
“This is a genuine milestone for our nation. 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 added.
Dr. Al Zeyoudi hailed these results as “particularly notable,” as they came amid a 5 percent decline in global trade in the first half of 2023, and an 8 percent fall in exports in the third quarter.
“The continuing upward trend in the UAE’s non-oil foreign trade is a clear reflection of the national vision of a dynamic, diversified economy that is open to the world,” he said.
Dr. Al Zeyoudi noted that through the Comprehensive Economic Partnership Agreement (CEPA) program, the UAE has been purposefully expanding its network of trade partners around the world, securing stronger ties with like-minded nations to enhance market access and deliver new opportunities for exporters, industrialists, investors, and entrepreneurs.
“Our non-oil trade with Turkey perhaps best illustrates the impact of our CEPAs on our trade relations,” Dr. Al Zeyoudi said, adding that bilateral non-oil trade surged 103.7 percent in 2023, the fastest growing of our top 10 trading partners, and accounting for 5.1 percent of the UAE’s total foreign trade. Notably, during the last five months of 2023, which coincides with the implementation of the CEPA, Turkey received 60 percent of the UAE non-exports.
In total, the value of non-oil foreign trade with the UAE’s CEPA partners, both those implemented and those nearing conclusion, amounted to more than AED390.5 billion– a growth of 24.5 percent compared to 2022, Dr. Al Zeyoudi added.
The Minister of State for Foreign Trade highlighted the international confidence in the UAE economy, noting that while the UAE’s trade in non-oil goods stood at AED2.574 trillion, a growth of 12.6 percent compared to 2022, trade in services reached AED967 billion, another record – with AED587 billion of that services exports.
“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,” he concluded.