His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, announced that under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, the UAE continues to reach remarkable milestones in non-oil foreign trade.
In the first half of 2024, the UAE's foreign trade approached AED 1.4 trillion, reflecting a 25% increase in non-oil exports. This rapid growth has aligned with the UAE’s ambitious economic goals, which aim for AED 4 trillion in foreign trade by 2031. Sheikh Mohammed highlighted that these figures indicate the nation’s ability to export in just six months what it previously achieved in a full year before the COVID-19 pandemic.
Significant increases in trade were noted with countries like India, Türkiye, and Iraq, the latter now being the top destination for UAE exports. As global trade growth averages around 1.5%, the UAE has managed to achieve an annual growth rate of 11.2%, showcasing the effectiveness of the UAE's robust international relations and the dedication of both public and private sectors.
The UAE’s non-oil exports to its top 10 trading partners saw a substantial 28.7% growth, with a 12.6% increase in trade with other nations. Key export categories, such as gold, jewellery, aluminium, and copper, witnessed a combined growth of 36.8% compared to the previous year.
Re-exports in the first half of 2024 reached AED 345.1 billion, growing by 2.7% compared to 2023. This growth was most notable with key trading partners like Saudi Arabia, Iraq, and India, with Kazakhstan showing nearly double its growth due to increased re-exports of telephone devices.
Non-oil imports approached AED 800 billion, marking an 11.3% increase from 2023. A significant portion of these imports are re-exported, contributing to the overall trade growth. Imports from the top ten markets grew by 7.2%, representing over 48.7% of total imports, while imports from other countries grew by 15.4% in the first half of 2024.
His Highness concluded by emphasizing the UAE’s continued progress toward its economic goals, supported by international relations and collaborative efforts across sectors, ensuring a prosperous future for the nation and the region.
News Source: Emirates News Agency
