image description
image description
Tell A Friend

Latest News

  • 12-06-23

    UAE, Turkey Witness Robust Non-Oil Trade Surge, Exceeding USD103b in Nine Years

    (MENAFN) The Federal Competitiveness and Statistics Centre based in Dubai has revealed that the non-oil trade between the United Arab Emirates (UAE) and Turkey has surged to over 378 billion dirhams (equivalent to USD103 billion) from 2013 to 2022. This substantial growth highlights the strong economic ties between the two countries and signifies their commitment to fostering bilateral trade partnerships beyond the oil sector.

    Breaking down the non-oil exchange, the report from the state-run competitiveness authority indicates that imports from Turkey to the UAE amounted to approximately 204.3 billion dirhams, while exports from the UAE to Turkey accounted for around 127.5 billion dirhams. Additionally, re-exports from the UAE to other destinations via Turkey reached over 46 billion dirhams during the specified period.

    The analysis conducted by the Federal Competitiveness and Statistics Centre also sheds light on the specific commodities that played a significant role in the UAE-Turkey trade relationship. In 2022, raw gold emerged as the top commodity imported by the UAE from Turkey, with a value of 15.6 billion dirhams. Following closely behind, jewelry ranked second among the five critical commodities imported by the UAE, amounting to 9.4 billion dirhams.

    On the other hand, when considering the commodities exported from the UAE to Turkey, raw gold claimed the top spot with a value of 17.7 billion dirhams in 2022. This highlights the importance of the precious metal in facilitating trade between the two nations. Moreover, the re-export segment revealed that jewelry held the first position among the top five commodities, totaling 2.5 billion dirhams, followed by raw gold with a value of 1.8 billion dirhams.

    The significant growth in non-oil trade between the UAE and Turkey underscores the diversification and resilience of their economic cooperation. Both countries have demonstrated a commitment to expanding their trade relations beyond traditional sectors, paving the way for enhanced economic collaboration and opportunities in various industries.

    MENAFN12062023000045014228ID1106425207

View the Financial News Archive
 

Follow us

RSS
Terms & Conditions  |  Privacy & Security  |  Contact Us  | Sitemap
© 2023 BBK  |  All Rights Reserved