His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, may God protect him, affirmed that “the UAE, under the leadership of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, may God protect him, continues with steady steps to achieve its national goals in the fields of… All, especially in the economic field.
His Highness added: “Every morning in the UAE brings a new achievement, thank God, as we received today the numbers of our non-oil foreign trade in goods and services, which reached a new level of 3.5 trillion dirhams in 2023, for the first time in the country’s economic history, despite the global decline in International trade movement, according to reports of the United Nations Conference on Trade and Development.
His Highness Sheikh Mohammed bin Rashid Al Maktoum said: “We indicated at the beginning of 2023 that it would be a record economic year… and the UAE established new bridges of cooperation through comprehensive partnership agreements in 2023… so our foreign trade with the 10 most important trading partners jumped by 26%… With Turkey, more than 103%, with Hong Kong-China, 47%, and with the United States, 20%, in just one year.
His Highness said in a blog post on his account on the “X” platform, yesterday: “The UAE today is at the heart of the international trade movement… and its economic obligations with everyone continue… and our motto will remain that we say what we do and do what we say.”
Overcoming global trade challenges
In detail, the country's non-oil foreign trade continued to buck the declining trend of international trade movement, and recorded a new, unprecedented number in 2023, approaching 2.6 trillion dirhams, with a growth of 12.6%, compared to 2022, as well as a growth rate of 34.7%, compared to 2021.
The continued growth of the UAE’s non-oil foreign trade comes despite indicators of a decline in global trade during the year 2023, as reports of the United Nations Conference on Trade and Development (UNCTAD) indicated a decline of 5% during the first half of 2023. In addition to the continuation of this decline in the months The first nine months of 2023 according to the World Trade Organization, with a decline rate of 8% and 9% in the third quarter of 2023 for exports and imports of goods, respectively.
Services trade recovery
The services trade surplus, that is, the difference between the country's exports and its imports of services, continued to grow, as it recorded a value of 207 billion dirhams in 2023, compared to a surplus of 96.26 billion dirhams in 2021, which means that the UAE continues to strengthen and increase its share of total global services exports with growth. standard. During 2023, the main service sectors, in which the country has comparative advantages, witnessed a noticeable increase in their contributions to the growth of the UAE’s trade in services, especially the sectors of travel and tourism, information and communications technology, professional services, financial services, education, medical tourism, and Islamic financial services. , creative economy, and logistics.
Growth in merchandise exports
The record growth of the country's non-oil foreign trade coincided with a continuous increase in the value of non-oil exports in 2023, exceeding 441 billion dirhams, a growth rate of 16.7%, compared to 2022, and 2023 exports reached more than double the exports in 2018, and are close to achieving double the exports. 2019, which increased by 28% compared to 2021, as well as 66% compared to 2020, and by 84% compared to 2019.
The contribution of non-oil exports of goods to the country’s total foreign trade increased to 17.1%, up from 14.1% in 2019, and 13% in 2018.
The record growth in both total foreign trade and non-oil exports was accompanied by a similar increase in re-exports, which recorded a value of 690 billion dirhams in 2023, a growth of 6.9% compared to 2022, and a growth rate of 27.7% compared to 2021.
Thus, re-exports continued their upward trend over the past years, with the exception of 2020, which is considered an exceptional year due to its association with the “Covid-19” pandemic and the accompanying closures around the world.
Imports also increased to 1.4 trillion dirhams, a growth of 14.2% compared to 2022. The top 10 imported goods achieved a growth of 20.9% during 2023 compared to 2022, and the rest of the goods grew by 6.3%. The most important imported goods are: gold, telephone sets, petroleum oils, cars, and diamonds.
10 business partners
As for the country's most important trading partners during 2023, the UAE's non-oil trade with Turkey has achieved a growth of 103.7%, and its contribution is 5.1% to the country's total foreign trade, making it the most growing among the country's 10 largest trade partners, in conjunction with the entry into force of the Comprehensive Economic Partnership Agreement. Implementation in early September. “Hong Kong-China” also achieved a growth of 47.9%, ranking eighth among the UAE’s most important trade partners.
The United States witnessed a growth of 20.1%, China a growth of 4.2%, and non-oil foreign trade with India, which has had a comprehensive economic partnership agreement with the UAE since May 2022, achieved a growth of 3.9%, and its share in the country’s trade is more than 7.6% of the total foreign trade. Emirati.
At the same time, non-oil exports of goods with the country’s 10 most important trading partners achieved a growth of 26.9%, and Turkey topped the list of recipients of UAE non-oil exports thanks to the strong performance beginning last August and September, and Turkey alone dominated during the last five months of 2023 in a way 60% of UAE exports, coinciding with the start of implementation of the partnership agreement between the two countries, and India came second.
China continued to maintain its top spot on the list of the country's most important trading partners around the world, with India coming in second place, the United States and Saudi Arabia in third and fourth place, while Turkey came in fifth place. In the sixth to tenth positions were Iraq, Switzerland, Hong Kong, Japan, and the Sultanate of Oman, respectively. Gold, aluminium, oils, cigarettes, jewellery, copper wires and ethylene polymers were at the top of the list of the country's most important commodity exports.
More growth
During the last quarter of 2023, non-oil foreign trade in goods recorded about 710 billion dirhams, achieving a growth of 16.3% on an annual basis, and by 12.4% on a quarterly basis, noting that this is the first time in the country’s history that non-oil trade in goods has exceeded The barrier of 700 billion dirhams within three months.
The UAE's non-oil exports of goods amounted to 132.2 billion dirhams, a growth of 39.3% on an annual basis, compared to 94.9 billion dirhams in the last quarter of the previous year, with a growth rate of 26.9% on a quarterly basis, noting that starting from the first quarter of 2023, quarterly non-oil exports exceeded Goods exceed 100 billion dirhams, with a continuous increase.
• 3.5 trillion dirhams in the country’s non-oil foreign trade in 2023.
Vice President of the State:
• Every morning in the Emirates brings a new achievement, thank God.
• We indicated at the beginning of 2023 that it would be a record economic year… and the UAE established new bridges of cooperation through comprehensive partnership agreements in 2023.
• The UAE today is at the heart of the international trade movement… and its economic obligations with everyone continue… and our motto will remain: we say what we do and we do what we say.
• Our foreign trade with the top 10 trading partners jumped by 26%… and with Turkey by more than 103%… and with Hong Kong-China by 47%… and with the United States by 20%… in just one year.
Highlights numbers
■ The UAE’s non-oil foreign trade continued its record growth, despite indicators of a decline in global trade in 2023, which declined by 5% in the first half, according to UNCTAD. While exports and imports of goods globally decreased by 8% and 9%, respectively, in the third quarter of 2023, according to the organization world Trade.
■ UAE non-oil exports of goods continue to rise, recording 441 billion dirhams in 2023, a growth of 16.7%, compared to 2022.
■ The country’s trade with the 10 most important global trading partners increased by 15.5% in 2023, and recorded a 9.9% growth with the rest of the countries.
■ Record growth in the value of re-exports to 690 billion dirhams, an increase of 6.9%, compared to 2022.
■ Imports rise by 14.2% to 1.4 trillion dirhams, coinciding with the growth in re-exports.
■ The contribution of non-oil exports of goods to the country’s foreign trade continues to rise, reaching 17.1%, compared to 14.1% in 2019.
■ The UAE’s trade with Turkey increased by 103.7%, and its share in the country’s total foreign trade rose to 5.1%, making it the fastest growing among the 10 largest trading partners.
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