Abu Dhabi's Non-Oil Trade Soars 8% in 2023 Amid Economic Expansion and Diversification

Abu Dhabi, 20 April, 2024 :  Abu Dhabi's non-oil foreign trade in 2023 reached Dh281.9 billion ($76.75 billion), marking an 8% annual increase, driven by the emirate's economic expansion and diversification efforts. Imports grew by 19% to Dh136.4 billion, while re-exports rose 11% to Dh52.4 billion, according to Abu Dhabi Customs' statistics.

Trade in base metals and machinery saw notable growth, with values rising by 11% to Dh53.1 billion and 16% to Dh44.7 billion, respectively. Additionally, transport equipment and precious metals also contributed to the overall trade growth.

Rashed Al Mansoori, director general of Abu Dhabi Customs, attributed the growth to the UAE government's policies and strategic initiatives that foster a business-friendly environment and enhance competitiveness.

Abu Dhabi's economy expanded by 3.1% in 2023, reaching Dh1.14 trillion GDP, its highest in a decade. This growth comes despite global market fluctuations and underscores the emirate's shift away from oil dependence towards a diversified economy.

In 2022, Abu Dhabi launched a Dh10 billion industrial strategy to double the manufacturing sector's contribution to Dh172 billion by 2031. The emirate is also investing over $10 billion in tourism infrastructure to achieve its Abu Dhabi Tourism Strategy 2030, aiming to increase hotel rooms from 34,000 to 52,000.

Abu Dhabi Customs reported a 14% and 13% growth in non-oil foreign trade through land and seaports, reaching Dh112.9 billion and Dh103.6 billion, respectively. Meanwhile, foreign trade via airports totaled Dh65.3 billion.

Abdulla Al Qemzi, acting director general of Statistics Centre Abu Dhabi, highlighted the significant growth in key economic activities, reflecting in the emirate's foreign trade growth.

The UAE continues to strengthen its global trade ties, signing 11 Comprehensive Economic Partnership Agreements with countries including India, Indonesia, Israel, and Turkey.

Source : www.thenationalnews.com