2023 marks record year for UAE economy, non-oil foreign trade hit staggering $953 billion

 

The UAE’s economy experienced significant growth in 2023, reaching a record Dh 3.5 trillion ($953 billion) in non-oil foreign trade. This growth was attributed to the country’s economic diversification plans, despite a decline in international goods and services movement. The UAE’s trade with its top ten most important foreign partners grew 26% last year, and the country is working towards inking 26 comprehensive economic partnership agreements (Cepas) with countries like India, Indonesia, and Turkey. The non-oil trade figures recorded last year included Dh2.6 trillion in goods and Dh900 billion in services, reflecting the resilience and dynamism of its economy. The country is on track to achieve its target of Dh4 trillion by 2031.

China remains the leading trading partner for the UAE, followed by India, the US, Saudi Arabia, and Turkey. Other top ten trading partners include Iraq, Switzerland, Hong Kong, Japan, and Oman. The tourism sector contributed to the growth of trade in services, with Dubai’s annual tourism performance increasing by 19.4% annually to 17.15 million in 2023. Other significant sectors contributing to the UAE’s trade services growth include ICT, professional and financial services, Islamic financial services, education, medical tourism, logistics, and creatives.