UAE non-oil trade: The United Arab Emirates (UAE) achieved a historic milestone in 2023, with non-oil trade reaching a record high of 3.5 trillion dirhams ($952.93 billion), according to Prime Minister Sheikh Mohammed bin Rashid al-Maktoum. This significant achievement reflects the UAE's ongoing efforts to diversify its economy and reduce dependence on oil.

Non-oil goods trade experienced a notable 12.6 per cent increase from the previous year, while exports of goods and services exceeded 1 trillion dirhams, setting a new record, as stated by Thani Al Zeyoudi, the Minister of Foreign Trade.

The UAE has actively pursued Comprehensive Economic Partnership Agreements (CEPAs) since 2021, fostering bilateral trade, investment, and cooperation deals to enhance economic diversification. The CEPAs aim to create new income sources and bolster various economic sectors.

Despite recent disruptions to Red Sea shipping routes due to Houthi attacks, Zeyoudi expressed confidence in the resilience and adaptability of the UAE's system to face global and regional challenges. The non-oil sector outpaced overall GDP growth in the first half of 2023, growing almost 6 per cent compared to the overall growth of 3.7 per cent.

Zeyoudi highlighted the significant role CEPAs are expected to play in the UAE's foreign trade, citing a 4% growth in trade with India and more than doubled trade with Turkey, the fastest growth among the UAE's top 10 trade partners.

The expanding services sectors in the UAE include travel and tourism, information and communication technology, financial services, and professional services. Major non-oil exports comprise gold, aluminum, jewelry, copper wire, and ethylene polymers. 

The country's non-oil commodity exports grew 16.7 per cent in 2023 to 441 billion dirhams, contributing 17.1 per cent to foreign trade. Re-exports also saw an increase of almost 7 per cent to 690 billion dirhams.