His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, “may God protect him”, affirmed that the non-oil foreign trade of the United Arab Emirates continued to record record levels of growth in the first half of this year, to continue its upward trajectory. I started it several years ago.
His Highness Sheikh Mohammed bin Rashid Al Maktoum said, “In a new economic achievement for the UAE, our non-oil foreign trade set a new record, reaching a trillion and 239 billion dirhams in just six months this year. Our non-oil exports also continued to grow significantly, exceeding over 6 months is what we were achieving in a year just five years ago.”
His Highness added, “The state’s non-oil exports with the top 10 global trading partners increased by 22% this year, and intra-trade with Turkey, for example, increased by 87% in just one year, which indicates the validity of our balanced, active and positive foreign policies led by the President of the State, may God protect him.” “.
His Highness also said, “Our non-oil foreign trade will exceed 2.5 trillion this year, God willing.. and we will achieve the goal that we announced to reach the figure of 4 trillion dirhams in 2031. And as we predicted previously, the year 2023 will be the best economic year in the history of our state.. and the state will remain a major player in trade to establish its position as one of the most important international centers that connects the east of the world with its west and its north with its south.. and what is coming is better and greater, God willing.
The country’s non-oil foreign trade recorded a new, unprecedented number in the first half of 2023, by exceeding one trillion and 239 billion dirhams, a growth of 14.4% compared to the same period of 2022, and an increase of 3% compared to the second half of last year.
The record growth of the country’s non-oil foreign trade coincided with a continuous increase in the value of non-oil exports during the first half of 2023, as it exceeded 205 billion dirhams, a growth of 11.9% compared to the first half of 2022, and a growth of 5.4% compared to the second half of 2022.
The UAE’s non-oil exports during the first half of 2023 exceeded the total value of exports achieved in 2017 as a whole, and approached the figure recorded in 2018 of 212 billion dirhams, or 97% of the total non-oil exports during this year. The contribution of non-oil exports to the country’s foreign trade also continued its upward trajectory, recording 16.6%, compared to its estimated share of 14.2% during the same period of 2019.
Accompanying the record growth in both total foreign trade and non-oil exports, there was a similar increase in re-exports, which recorded during the first half of 2023 a value of 341 billion dirhams, a growth of 9.9% compared to the first half of 2022, and 2.2% compared to the second half of 2022. 2022.
Imports also increased to 693 billion dirhams, a growth of 17.5% compared to the first half of 2022, and by 2.6% compared to the second half of 2022.
The country’s most important trading partner.
China maintained its lead in the list of the country’s most important trading partners around the world, India came in second place, the United States and Saudi Arabia ranked third and fourth, while Turkey ranked fifth with the entry into force of the Comprehensive Economic Partnership Agreement between the UAE and Turkey soon. And in the positions from sixth to tenth came each of Iraq, Switzerland, Japan, Hong Kong and the Russian Federation, respectively.
In the first half of 2023, Turkey recorded one of the highest growth rates in intra-trade among the country’s top 10 trade partners, at 87.4% compared to the corresponding period of 2022. Its share in the UAE’s non-oil foreign trade increased to 4%.
In total, the UAE’s non-oil foreign trade grew by 16.7% with the top 10 trading partners, while it increased with the rest of the world by 12.4%. At the same time, the state’s non-oil exports with the top 10 trading partners grew by 22.9%.
North Macedonia joined for the first time in the list of the five largest recipients of UAE non-oil exports, to occupy the fifth position, while Turkey recorded a big leap to occupy the second position, while Saudi Arabia and India came in the third and fourth positions, respectively, and Switzerland came at the top of the list.
Gold, aluminum, oils and cigarettes came at the top of the list of the country’s most important exports, as gold recorded the highest growth rate, followed by petroleum oils, cigarettes, copper wires, jewellery, and aluminum.
And the Emirates trade in gold during the first half of this year grew by 40.7%, with a value of 218.3 billion dirhams, and a share of 17.6% of the total non-oil trade of the Emirates, compared to 14.3% during the corresponding period of 2022.
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