The UAE's Non-Oil Foreign Trade Reaches Record High
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The United Arab Emirates (UAE) announced on Wednesday that its non-oil foreign trade reached a record high of 1.239 trillion UAE dirhams (about 337 billion U.S. dollars) in the first half of 2023. This represents a 14.4% year-on-year increase. The UAE's Vice-President and Prime Minister, Sheikh Mohammed bin Rashid Al Maktoum, said in a tweet that the country's non-oil foreign trade is projected to exceed 2.5 trillion dirhams this year. China was the UAE's biggest trading partner in the first half of 2023, followed by India, the United States, Saudi Arabia, and Türkiye. The contribution of gold exports to the UAE's non-oil foreign trade was 17.6%, compared to 14.3% in the corresponding period of 2022. The strong growth in the UAE's non-oil foreign trade is a positive sign for the country's economy. It suggests that the UAE is diversifying its economy away from oil and gas, and is becoming more integrated into the global economy. The UAE's strong t...