The UAE’s non-oil foreign trade reached a record AED1.239 trillion in H1 2023, representing a growth of 14.4 percent compared to the same period in 2022 – and 3 percent more than H2 2022.
The figures, just released by the Ministry of Economy, underline the continued upward trajectory of the nation’s foreign trade, which has achieved quarter-on-quarter growth since 2020.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, stated that the UAE has recorded a new remarkable economic achievement, with non-oil foreign trade recording exceptional growth rates by exceeding AED 1.239 trillion in the first half of 2023.
The unprecedented figures are buoyed by record non-oil exports, which reached AED205 billion in H1 2023, an 11.9 percent growth compared to the first half of 2022 and 5.4 percent more than H2 2022.
Importantly, non-oil exports in the first six months of 2023 exceed the exports recorded in the whole of 2017. The contribution of non-oil exports to the UAE's total foreign trade was 16.6 percent in H1 2023, compared to its estimated share of 14.2 percent during the same period in 2019.
Re-exports and imports also recorded significant growth. The total value of UAE’s re-exports reached AED341 billion during the first half of 2023, a 9.9 percent growth on H1 2022, and 2.2 percent compared to the second half of 2022. Imports increased to AED693 billion, up 17.5 percent compared to the first half of 2022 and 2.6 percent more than the second half of 2022.
Among the UAE’s top ten trading partners, Turkey recorded one of the highest growth rates in the first half of 2023, with 87.4 percent growth compared to the same period in 2022 – and with its share of the UAE's total non-oil foreign trade increasing to 4 percent.
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