Trading & Financial News
No Result
View All Result
Monday, July 14, 2025
  • Login
  • Economy
  • Markets
  • Forex News
  • Investing
  • Stock Trading
  • Crypto
Subscribe
Trading & Financial News
  • Economy
  • Markets
  • Forex News
  • Investing
  • Stock Trading
  • Crypto
No Result
View All Result
Trading & Financial News
No Result
View All Result
Home Forex News

UAE non-oil trade expands to a record Dhs3.5tn in 2023

by Tradinghow
February 19, 2024
in Forex News
A A
0
UAE non-oil trade expands to a record Dhs3.5tn in 2023
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter
https://primexbt.investments/start_trading/?cxd=459_549985&pid=459&promo=[afp7]&type=IB https://primexbt.investments/start_trading/?cxd=459_549985&pid=459&promo=[afp7]&type=IB https://primexbt.investments/start_trading/?cxd=459_549985&pid=459&promo=[afp7]&type=IB


Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai said the country’s non-oil foreign trade reached a record $952.93bn (Dhs3.5tn) despite macro-economic headwinds and a slowing global economy.

The UAE’s non-oil commodity exports jumped 16.7 per cent last year to reach Dhs441bn. The country’s exports in 2023 more than double the exports in 2018 and are close to achieving double the exports of 2019 at 84 per cent.

The country’s non-oil trade in goods reached a record Dhs710bn, a 16.3 per cent year-on-year (YoY) growth and 12.4 per cent quarter-on-quarter (QoQ). Non-oil exports of goods reached Dhs132.2bn in 2023, a 39.3 per cent YoY and 26.9 per cent QoQ increase.

The #UAE’s foreign trade has achieved a new milestone. In 2023, our total non-oil trade reached AED3.5 trillion, comprising a record AED2.6 trillion in goods and AED900 billion in services. These results underline the strength, resilience and dynamism of our economy. https://t.co/kuyfxqrAlA

— د. ثاني أحمد الزيودي (@ThaniAlZeyoudi) February 18, 2024

“The UAE has established new bridges of cooperation through comprehensive partnership agreements. Thus, our foreign trade with the top ten trading partners jumped by 26 per cent, with Turkey by more than 103 per cent, with Hong Kong-China by 47 per cent, and with the US by 20 per cent,” Sheikh Mohammed said.

The Gulf state’s re-exports grew by 6.9 per cent in 2023 to reach a record Dhs690bn compared to 2022 and 27.7 per cent compared to 2021. Imports also increased to reach Dhs1.4tn, up 14.2 per cent compared to 2022 while the top 10 imported commodities achieved a growth of 20.9 per cent last year compared to a year earlier.

The most important imported commodities are gold, telephones, petroleum oils, cars and diamonds.

UAE’s top 10 trading partners

Meanwhile, the UAE has initiated a raft of bilateral trade, investment and cooperation deals with several fast-growing economies, including Türkiye, Indonesia, India and Cambodia to bolster efforts aimed at diversifying income sources and economic sectors.

Trade with Türkiye, which contributed 5.1 per cent to the UAE’s non-oil trade, grew by 103.7 per cent following the implementation of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries last September.

CEPAs are designed to enhance economic competitiveness and attract $150BN of direct foreign investments over the next nine years across sectors including digital economy, entrepreneurship, advanced skills, space, and advanced technology.

The programme enjoyed exponential growth in 2023, with three deals implemented, two more signed and awaiting implementation, and four agreed – taking the total number of CEPA partners since the launch of the programme to 10 across four continents.

China remains the UAE’s leading trading partner, followed by India, the US, Saudi Arabia, and Türkiye.

Read: India, UAE sign pact on trans-continental trade corridor





Source link

  • Trending
  • Comments
  • Latest
The Evolving International Cannabis Landscape

The Evolving International Cannabis Landscape

March 20, 2024
UK Faces Two Decades of No Earnings Growth and More Austerity

UK Faces Two Decades of No Earnings Growth and More Austerity

July 29, 2023
Uniswap Launches Permissionless Bridging Across 9 Networks

Uniswap Launches Permissionless Bridging Across 9 Networks

October 24, 2024
China tech groups lead multibillion-dollar campaign to help exporters sell at home

China tech groups lead multibillion-dollar campaign to help exporters sell at home

April 20, 2025
High Street Retailers Pin Hopes On Discount Splurge In Black Friday Fever

High Street Retailers Pin Hopes On Discount Splurge In Black Friday Fever

0
UK Faces Two Decades of No Earnings Growth and More Austerity

UK Faces Two Decades of No Earnings Growth and More Austerity

0
Learn how to trade. For beginners

Learn how to trade. For beginners

0
Trading for beginners

Trading for beginners

0
Q1 Results Today Live: Ola, HCL, Tata Technologies, Tejas Networks, Hathway, Esaar & few more companies to announce Q1 results today

Q1 Results Today Live: Ola, HCL, Tata Technologies, Tejas Networks, Hathway, Esaar & few more companies to announce Q1 results today

July 14, 2025
Japan faces an era-defining reset with the US

Japan faces an era-defining reset with the US

July 14, 2025
The Data Says the Market is Shifting—Here’s How Investors Should Be Adjusting

The Data Says the Market is Shifting—Here’s How Investors Should Be Adjusting

July 14, 2025
Former Nigerian president Muhammadu Buhari dies at 82 in London

Former Nigerian president Muhammadu Buhari dies at 82 in London

July 13, 2025

Recent News

Q1 Results Today Live: Ola, HCL, Tata Technologies, Tejas Networks, Hathway, Esaar & few more companies to announce Q1 results today

Q1 Results Today Live: Ola, HCL, Tata Technologies, Tejas Networks, Hathway, Esaar & few more companies to announce Q1 results today

July 14, 2025
Japan faces an era-defining reset with the US

Japan faces an era-defining reset with the US

July 14, 2025

Categories

  • Business
  • Crypto
  • Economy
  • Forex News
  • Investing
  • Markets
  • More
  • Stock Trading
  • Trading for beginners

Site Navigation

  • Home
  • Contact Us
  • Stock Trading
  • Markets
  • Investing
  • Other Links
  • Privacy & Policy
Trading & Financial News

We bring you the fastest breaking news on Trading, forex, and finance submitted from credible and reliable news sources around the world.

© 2023 Tradinghow Useful forex analysis and financial news, submitted by credible news sources around the world.tradinghow.

No Result
View All Result
  • Contact Us
  • Home
  • Economy
  • Crypto
  • Investing
  • Markets
  • Forex News
  • Stock Trading

© 2023 Tradinghow Useful forex analysis and financial news, submitted by credible news sources around the world.tradinghow.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In