'2023 will be UAE's best economic year': Sheikh Mohammed announces new half-year record in non-oil foreign trade

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The UAE’s non-oil foreign trade has set a new half-year record, hitting Dh1.239 trillion in six months this year.

Non-oil exports exceeded Dh205 billion — a growth of 11.9 per cent compared to H1 2022 — and more than what the UAE achieved in the whole of 2017, according to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

A UAE minister said the non-oil foreign trade figure in H1 2023 represents an increase of 14.4 per cent on the same period in 2022 — “and a continuation of the remarkable upward trajectory of our non-oil trade figures since Q4 2020”.

Sheikh Mohammed predicted that the country’s non-oil foreign trade will exceed Dh2.5 trillion this year and hit Dh4 trillion by 2031.

“As we said previously, 2023 will be the best economic year in the history of our country. The UAE will remain a major player in international trade to consolidate its position as one of the most important global centres linking the east of the world with its west and north with its south,” Sheikh Mohammed posted on platform X, formerly known as Twitter.

The country's non-oil exports with the top 10 global trading partners increased by 22 per cent this year. “Trade with Turkey, for example, increased 87 per cent in just one year, which indicates the validity of our balanced, active and positive foreign policies.”

Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, said the value of the UAE’s non-oil exports “underline the importance of foreign trade of our national economic growth and diversification ambitions”.

“These results coincide with our Comprehensive Economic Partnership Agreement (CEPA) programme, which is deepening ties with key markets around the world — including India and Türkiye, two of our largest export destinations. We can anticipate new milestones as more CEPAs are signed,” the minister added.