Non-oil trade in the United Arab Emirates hit an all-time high of 3.5 trillion Dirhams ($952.93 billion) last year, according to Prime Minister Sheikh Mohammed bin Rashid al-Maktoum on Sunday.
Trade in non-oil goods increased by 12.6% in 2023 compared to the previous year, whilst exports of goods and services exceeded 1 trillion Dirhams, a new record high, said the minister of foreign trade, Thani Al Zeyoudi.
The Gulf oil exporter has introduced a series of bilateral trade, investment and cooperation deals since 2021, known as Comprehensive Economic Partnership Agreements (CEPAs), to boost plans to diversify income sources and economic sectors, Reuters news agency reports
According to the foreign trade minister, up to now the UAE has not felt the impact of the disruption to shipping routes in the Red Sea from Houthi attacks.
"We think our country will not be disturbed with that... we are in a good position, and it's about how we are resilient, and the adaptability of the system here to face the challenges facing the world and the region," Zeyoudi said during an interview with Reuters.
Furthermore, the non-oil sector greatly outperformed overall GDP growth in the first six months of last year, with a rise of close to 6%, compared to 3.7% overall growth.
"CEPAs are going to play a major role on our foreign trade numbers moving forward," Zeyoudi told Reuters, going on to add that the UAE's trade with India increased by around 4% in 2023, whilst trade with Turkey more than doubled, to become the fastest growth among the UAE's top 10 trade partners.
Services sectors in the UAE that are undergoing expansion include financial services and professional services, information and communication technology, and travel and tourism. Non-oil exports include gold, aluminium, jewellery, copper wire, and ethylene polymers.
Moreover, the UAE's non-oil commodity exports increased by 16.7% in 2023 to reach 441 billion Dirhams, making up 17.1% of foreign trade. This represents a rise from 14.1% in 2019, the foreign trade minister added.