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UAE foreign trade hits $600bn

UAE foreign trade passes AED2tn for first time after 17% growth in 2022

Written by Staff Writer
UAE trade sheikh mohammed WTO
UAE accounted for 2.4 per cent of all global exports in 2022 and was ranked 11th in the world for exports of commodities says the WTO

UAE foreign trade topped $600bn (AED2.2tn) last year says Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

The figure was revealed after Sheikh Mohammed chaired a cabinet meeting on Monday.

The surge in foreign trade with the United Arab Emirates marks an increase of 17 per cent on the year before and tourism and real estate sectors were singled out for their impressive performance.

UAE foreign trade growth

In an update to his more than 11m Twitter followers Sheikh Mohammed said: “The demand for investment, tourism and real estate in the UAE achieved unprecedented figures. The government will continue to provide the best business environment for businessmen”.

The country’s non-oil foreign trade achieved record growth rates in 2022, reaching AED2.233tn, with a growth rate of 17 percent compared to 2021.

This is the first time the United Arab Emirates has exceeded the AED2tn barrier.

It comes after non-oil foreign trade achieved a growth of 12 percent in 2020, recording AED1.496tn, and recorded a jump of 28 percent in 2021 to reach AED1,911tn.

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