UAE Sets Record with Dh3.5 Trillion in Foreign Trade Amid Global Downturn
UAE's Mohammed: Trade Surges - Turkey 103%, Hong Kong-China 47%, US 20%
Dubai: The United Arab Emirates (UAE) has reached an unprecedented milestone, with non-oil foreign trade in goods and services soaring to a historic high of Dh3.5 trillion in 2023. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, celebrated this remarkable achievement, emphasizing the nation’s resilience amid the global downturn in international trade.
In a tweet, Sheikh Mohammed highlighted the significance of the achievement, stating, “Today marks a significant milestone as we announce the culmination of our non-oil foreign trade of goods and services, soaring to a historic high of Dh3.5 trillion in 2023.” He underlined the resilience demonstrated by the UAE in the face of challenging global economic conditions, as acknowledged by the United Nations Conference on Trade and Development.
At the outset of 2023, the UAE anticipated a record-breaking economic year, and Sheikh Mohammed noted that the country has not only met but exceeded those expectations. Throughout the year, the UAE forged new collaborative pathways through comprehensive partnership agreements, resulting in a remarkable surge in foreign trade with its top ten trading partners.
Sheikh Mohammed provided specific insights into the substantial growth with key partners, revealing that trade with Turkey surged by over 103%, with Hong Kong-China witnessing a 47% increase, and trade with the United States growing by 20%, all achieved within a single year. This dynamic performance positions the UAE as a pivotal player in the international trade arena, fostering robust economic engagements with partners worldwide.
The Vice President affirmed the UAE’s unwavering commitment, encapsulated in the steadfast motto: “to speak what we do and do what we say.” This achievement not only reflects the economic prowess of the UAE but also signifies its dedication to fostering global partnerships and contributing significantly to the international trade landscape.
