During the first nine months of 2023, the Saudi market accounted for the largest share of national exports and re-exports to the United Arab Emirates, with a value of 75.3 billion dirhams, representing 10% of the UAE’s total exports in that period. The Federal Center for Competitiveness and Statistics recently issued data showing that UAE exports and re-exports to the Saudi market reached approximately 4 million tons.
In 2023, non-oil foreign trade in goods and services in the UAE reached over 3.5 trillion dirhams, marking an unprecedented record growth. The increase in international confidence in the UAE economy has led to greater cooperation and joint growth with promising economies worldwide, reflected in the significant rise in non-oil trade. Non-oil foreign trade in goods alone reached 2.57 trillion dirhams by the end of 2023, marking a growth of 12.6% from 2022 and 34.7% from 2021, while non-oil foreign trade in services saw record growth compared to previous years.
The leading export partners to the UAE during the first nine months of 2023 included Saudi Arabia, India, Iraq, Turkey, China, Qatar, Iran, and Hong Kong. The diverse trade partnerships highlight the growing importance of international commerce for this region’s economic development.
India followed Saudi Arabia as the second-largest export partner with a value of approximately 68 billion dirhams (9% of total exports), representing a weight of approximately 15 million tons.
Iraq ranked third with approximately $58 billion (7%), while Turkey came fourth with approximately $56 billion (6%). The United States ranked fifth with approximately $37 billion (4%) followed by Hong Kong (4th), Sultanate of Oman (4th), Switzerland (5th), Kuwait (6th), China (7th) and Qatar (8th).
Non-oil exports to India were particularly high at around $69 million tons.
Non-oil exports to India reached almost $69 million tonnes.
Non-oil exports to Iraq were also high at around $58 billion ($71 million tonnes).
Exports to Turkey were also significant at around $56 billion ($61 million tonnes).
Overall, these figures reflect how important diversification is for a country’s economic stability and sustainability.
