{"id":91372,"date":"2024-04-26T00:00:00","date_gmt":"2024-04-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/total-foreign-trade-reached-a-record-aed-4-45-tn-in-2023\/"},"modified":"2024-04-26T00:00:00","modified_gmt":"2024-04-26T00:00:00","slug":"total-foreign-trade-reached-a-record-aed-4-45-tn-in-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/04\/26\/total-foreign-trade-reached-a-record-aed-4-45-tn-in-2023\/","title":{"rendered":"Total foreign trade reached a record AED 4.45 tn in 2023"},"content":{"rendered":"

The UAE\u2019s combined foreign trade in goods and services reached a record AED <\/strong>4.45 tn in 2023<\/strong>, Vice President Sheikh Mohammed bin Rashid Al Maktoum said in an X post<\/a> following the UAE\u2019s Cabinet meeting in Abu Dhabi.<\/p>\n

Total service exports in the UAE reached AED 606 bn in 2023<\/strong>, compared to the AED 570 bn recorded in 2022. More than AED 170 bn of total service exports in 2023 were generated from digital service exports, according to Al Maktoum.<\/p>\n

Remember:<\/strong> Non-oil trade hit a record AED 3.5 tn in 2023, Al Maktoum said back in February<\/a>. Trade in goods was up 12.6% y-o-y to AED 2.6 tn, while trade in services hit AED 900 bn. Exports of goods and services surpassed AED 1 tn for the first time. The UAE\u2019s merchandise exports during the year came in at about USD 488 bn (AED 1.792 tn), according to a recent World Trade Organization report<\/a>. <\/p>\n

The UAE was ranked 15th globally for outward foreign direct investment (FDI) <\/strong>in 2023<\/strong>, the vice president said in a separate X post<\/a>, citing United Nations Conference on Trade and Development data. Outward FDI flows surpassed AED 880 bn at the start of the year, according to the post.<\/p>\n

In context #1:<\/strong> The UAE pledged some USD 44.5 bn in outward foreign direct investments, Bloomberg<\/a> reported previously, citing data from fDi Markets. In 2022, it pledged USD 52.8 bn in FDI investments in 2022, which exceeded Beijing\u2019s contributions 20x and those of the US 7x,. <\/p>\n

In context #2: <\/strong>TotalEmirati investments overseas reached an estimated USD 2.5 tn at the beginning of 2024, UAE International Investors Council Secretary-General Jamal bin Saif Al Jarwan said recently, according to Wam<\/a>. One of the UAE\u2019s \u201clandmark\u201d investments overseas is ADQ\u2019s USD 35 bn investment<\/a> to develop Egypt\u2019s Ras Al Hekma, which is expected to drive the UAE\u2019s total investments in Egypt to around USD 65 bn, according to Al Jarwan.<\/p>\n","protected":false},"excerpt":{"rendered":"

The UAE also ranked 15th globally for outward FDI in 2023s<\/p>\n","protected":false},"author":1,"featured_media":91373,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1556],"tags":[19,7,408,25,1334],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91372","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam-uae","tag-fdi","tag-investment-watch","tag-trade","wpautop","entry"],"acf":{"mongo_id":"1fa5bb85-821c-4a85-82af-dc898a68591a","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/1845.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Total foreign trade reached a record AED 4.45 tn in 2023","related_issue":[91368],"teaser":"The UAE also ranked 15th globally for outward FDI in 2023s","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.6ea57507-9fcf-4779-800b-666d250d0242.mp3"},"yoast_head":"\nTotal foreign trade reached a record AED 4.45 tn in 2023 - 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