Media ININ Economy We Trust
30 Aug
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, “may God protect him,” confirmed 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, continuing its upward path that… 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 by reaching 1 trillion and 239 billion dirhams in just six months this year. Our non-oil exports also continued to grow significantly, exceeding 6 trillion dirhams in just six months this year. The most famous thing we could have achieved in an entire year just five years ago.”
His Highness added: “The country’s non-oil exports with the 10 most important 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 health of our balanced, active and positive foreign policies led by the President of the State.” God.”
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 by reaching the number of 4 trillion dirhams in 2031. As we previously predicted, the year 2023 will be the best economic year in the history of our country… and the country will remain a major player in International trade is to consolidate its position as one of the most important global centers linking the east of the world to its west and its north to 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, exceeding one trillion and 239 billion dirhams, a growth of 14.4% compared to the corresponding 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 the entire year of 2017, and approached the figure recorded in 2018 of 212 billion dirhams, i.e. 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 trend, recording 16.6% compared to its estimated share of 14.2% during the same period in 2019.
The record growth in both total foreign trade and non-oil exports was accompanied by a similar increase in re-exports, which were recorded during the first half of 2023 at 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 2023. 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 partners
China maintained 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, with the Comprehensive Economic Partnership Agreement between the UAE and Turkey about to enter into force soon. In the sixth to tenth places were 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 10 most important trading partners, at 87.4% compared to the corresponding period of 2022. Its share in the UAE’s non-oil foreign trade rose to 4%.
Overall, the UAE’s non-oil foreign trade achieved a growth of 16.7% with the 10 most important trading partners, while it increased with the rest of the world by 12.4%. At the same time, the country’s non-oil exports with the 10 largest trading partners recorded a growth of 22.9%.
For the first time, North Macedonia joined the list of the five largest countries receiving non-oil UAE exports, occupying fifth place, while Turkey recorded a big jump to occupy second place, while Saudi Arabia and India came in third and fourth place, respectively, and Switzerland came at the top of the list.
Gold, aluminium, oils and cigarettes came at the top of the list of the country’s most important exports, with gold recording the highest growth rate, followed by petroleum oils, cigarettes, copper wire, jewellery, and aluminium.
During the first half of this year, the UAE’s gold trade achieved a growth of 40.7%, with a value reaching 218.3 billion dirhams, with a share of 17.6% of the UAE’s total non-oil trade, compared to 14.3% during the corresponding period of 2022.
