The UAE’s foreign trade hit 2.2 trillion dirhams ($599 billion) in 2022, up 17% year-on-year, UAE Prime Minister and ruler of Dubai Sheikh Mohammed bin Rashid al-Maktoum tweeted.
The Gulf state, a key OPEC producer, has invested heavily in transport and logistics infrastructure, and expanded economic partnerships to diversify away from hydrocarbons and towards becoming a global trade hub.
Non-oil exports grew 6% in 2022 from the previous year to 366 billion dirhams – but were up 52% from 2019 – while imports climbed 22% to 1.25 trillion dirhams, the ministry of economy said. Re-exports were up 21% over 2021.
Read more: India-UAE trade to hit $100 billion by 2027
The country aims to increase bilateral non-oil trade to $100 billion with India in the next five years after concluding a wide-ranging free trade agreement last year. Its other key trading partners include China, Saudi Arabia, and the United States.
Trade with Turkey jumped 40% in 2022, the fastest rate of growth among its top ten export markets. The UAE started negotiations for a free trade agreement with Turkey last year, and talks are expected to conclude in the first quarter.
UAE minister for foreign trade Thani Al Zeyoudi
Al-Zeyoudi
UAE exports to Turkey grew 109% in 2022, to almost 20.7 billion dirhams, while imports from Turkey rose 15% to 40.3 billion dirhams, UAE minister for foreign trade Thani Al Zeyoudi said in a briefing.
He said Turkey was now the UAE’s sixth-largest trading partner.
Additionally, Al-Zeyoudi stated that the countries and blocs with which the state aims to sign agreements represent approximately 95% of global trade, noting that this trend creates more opportunities for growth and prosperity for the state’s non-oil trade in order to meet the goals of the “Projects of the 50” and “We the UAE 2031” vision, which aim to increase UAE foreign trade to 4 trillion dirhams and non-oil exports to 800 billion dirhams.
Trade deals with Cambodia and Georgia are also expected to be finalized in the first quarter. Negotiations on a trade agreement with Ukraine are due to kick off in the first quarter.
Abdullah bin Touq Al-Marri, UAE’s Economy Minister
Al-Marri
For his part, Abdullah bin Touq Al-Marri, UAE’s Economy Minister, said “This historic recovery in the country’s foreign trade also confirms that plans to double the GDP to 3 trillion dirhams by 2030, of which trade is an essential component, are also on track.”
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