37% growth in UAE, US non-oil trade in first half

Arabian Post Staff

The non-oil trade between the UAE and the United States reached US$21.63 billion in the first half of 2023, reflecting growth of 37% on the same period last year.

UAE non-oil exports to the US reached US$2.3 billion, while imports from the US totaled US$12.8 billion, up 28%. Re-exports climbed 62% over H1 2022 to reach US$6.5 billion in the first half of 2023.

UAE Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi  held talks with Gina Raimondo, United States Secretary of Commerce, in Abu Dhabi as the two nations continue to advance bilateral trade and investment ties.

In light of the upcoming United Nations Climate Conference (COP28) in Dubai, which will feature discussions dedicated to global trade for the first time, the meeting touched on ways to accelerate cooperation in priority sectors such as clean energy, sustainable industrial development and advanced technology – areas where the UAE and US already share a successful track record. In November 2022, the two nations signed the Partnership for Accelerating Clean Energy, a US$100 billion investment program that will generate 100 gigawatts of clean energy by 2035.

During the meeting, both sides also reinforced the importance of building mutual consensus on issues impacting global trade, such as market distorting subsidies and their impact on the developing world, ahead of the World Trade Organisation’s 13th Ministerial Conference (MC13) in Abu Dhabi in February 2024.

Also published on Medium.