UAE's non-oil foreign trade grows 17% in 2022
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UAE’s non-oil foreign trade grows 17% in 2022

UAE’s non-oil foreign trade grows 17% in 2022

This is the first time that the country’s non-oil foreign trade has surpassed the Dhs2tn mark

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UAE’s non-oil foreign trade grows 17% in 2022

The UAE’s non-oil foreign trade reached a record Dhs2.33tn ($608bn) in 2022, up 17 per cent over the previous year.

Read: UAE’s non-oil foreign trade rises 27% in 2021

This is the first time that the country’s non-oil foreign trade has surpassed the Dhs2tn barrier.

China was the UAE’s main trading partner for 2022, followed by India, Saudi Arabia, and the US.

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, chaired the cabinet meeting at Qasr Al Watan Abu Dhabi, on Monday.

“During the Cabinet meeting, we reviewed the results of the UAE’s foreign trade in 2022. Our foreign trade achieved a historical record reaching more than AED2.2 trillion, a growth of 17 percent,” Sheikh Mohammed said.

“We continue to leverage our unique location, world-class logistics capabilities and unrivalled global connectivity to become a vital international trading hub – and, as a result, break records across every metric,” Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said on Twitter.  

The country’s exports stood at Dhs366bn, making up 16.4 per cent of its non-oil trade in 2022, up from 11.9 per cent in 2015.

The country’s top commodities for re-export last year included mobile and smartphones, diamonds, cars and automotive parts, as well as jewellery/gemstones.

In 2022, the UAE signed three comprehensive economic partnership agreements – The agreement with India was signed in February last year, while the pact with Israel was inked in May.

Read: UAE and India sign Comprehensive Economic Partnership Agreement

Read: UAE, Israel sign comprehensive economic partnership agreement

The agreement with Indonesia, meanwhile, was signed in July 2022.

Read: UAE, Indonesia sign comprehensive economic partnership agreement

The UAE’s agreements with India, Israel and Indonesia will help grow the national economy by 2.6 per cent by 2030, Dr Al Zeyoudi had said last year.

Read: UAE’s CEPA pacts to grow economy by 2.6% by 2030 – minister

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