The UAE’s non-oil foreign trade surged past Dh3.5 trillion in 2023, marking an unprecedented milestone despite global economic challenges. This remarkable achievement solidifies the UAE’s position as the premier destination for real estate investment, offering unparalleled opportunities for investors worldwide.
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Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE and Ruler of Dubai, said that the UAE, under the leadership of President Sheikh Mohamed bin Zayed Al Nahyan, has reached “unprecedented heights in its non-oil foreign trade figures”.
“We indicated at the beginning of 2023 that it would be a record economic year. The UAE has established new bridges of cooperation through comprehensive partnership agreements. Thus, our foreign trade with the top ten trading partners jumped by 26 per cent, with Turkey by more than 103 per cent, with Hong Kong-China by 47 per cent and with the USA by 20 per cent,” Sheikh Mohammed said.
Quarterly performance promises further growth
In Q4 2023, the UAE’s non-oil foreign trade of goods reached a record Dh710 billion, a 16.3 per cent YoY and 12.4 per cent QoQ growth. This marked the first time non-oil trade exceeded Dh700 billion in a quarter. Non-oil exports of goods amounted to Dh132.2 billion, a 39.3 per cent YoY and 26.9 per cent QoQ increase. Since Q1 2023, non-oil exports have consistently surpassed Dh100 billion.
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Source: Khaleej Times
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