The UAE's non-oil foreign trade reached an all-time high of AED1.395 trillion ($379.8 billion) in the first half of 2024 – the sixth consecutive half-year period of foreign trade growth.

 

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, affirmed that the UAE under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, continues to achieve unprecedented milestones in its non-oil foreign trade, said a Wam news agency report.

 

AED4 TRILLION AIM 

HH Sheikh Mohammed bin Rashid: “A few years ago, we set ambitious national economic goals, aiming for AED4 trillion in foreign trade by 2031 – a goal that was seen as highly challenging at the time.

 

"Today, the figures for the first half of 2024 show that our exports in just six months have equalled what we used to export in an entire year before the Covid-19 pandemic in 2019. Our foreign trade is nearing AED1.4 trillion in these six months, with a 25 percent growth in non-oil exports. Our target is to achieve AED3 trillion in non-oil foreign trade by the end of this year.”

 

HH Sheikh Mohammed noted: “Our economic relations with various countries have strengthened, with trade increasing by 10 percent with India, 15 percent with Türkiye, and 41 percent with Iraq, making Iraq the top destination for UAE exports, followed by India, Türkiye, and others.”

 

His Highness added: “While the global growth rate for foreign trade is around 1.5 percent, our foreign trade has grown by 11.2 percent annually, as we continue to advance toward our goals.”

 

He concluded: “The steadfast support of the Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE, who has cultivated exceptional international relations with countries around the world, and through the tireless efforts of thousands of teams from both the public and private sectors. The flag rises, the nation and the region prosper, and our future is brighter, higher, and more promising.”

 

EXPORTS UP BY 28.7%

The UAE’s non-oil exports to its top 10 trade partners grew by 28.7 percent, while all other nations saw a 12.6 percent increase in trade. Gold, jewellery, cigarettes, oils, aluminium, copper wires, printed materials, silver, iron industries, and perfumes topped the list of the UAE’s most important export categories in the first half of 2024, collectively growing by 36.8 percent compared to the same period in 2023. Other goods grew by 1 percent.

 

Re-exports reached AED345.1 billion in the first half of 2024, growing by 2.7 percent compared to the same period in 2023, and increasing by 11.2 percent compared to the same period in 2022. Re-exports with key trading partners all grew, particularly Saudi Arabia, Iraq, India, the United States, Kuwait, and Qatar. Kazakhstan joined the list of leading re-export partners, nearly doubling its growth due to increased re-exports of telephone devices.

 

Overall, re-exports grew by 7.6 percent with the top ten trading partners. Telephones and diamonds were the top re-exported goods, with the highest growth seen in re-exports of aircraft parts, cars, and goods transport vehicles.

 

IMPORTS SEE 11.3% GROWTH

The UAE’s non-oil imports approached AED800 billion in the first half of 2024, growing by 11.3 percent compared to the same period in 2023 and increasing by 34.6 percent compared to the same period in 2022. A significant portion of these imports are re-exported. Imports from the top ten markets grew by 7.2 percent, accounting for over 48.7 percent of total imports.

 

Other countries, which account for 51.3 percent of UAE imports, grew by 15.4 percent in the first half of 2024 compared to the same period in 2023.

 

Quarterly performance

In Q4 2023, the UAE’s non-oil foreign trade of goods reached a record AED710 billion ($193 billion), a 16.3 percent YoY and 12.4 percent QoQ growth. This marked the first time non-oil trade exceeded AED700 billion ($190 billion) in a quarter. Non-oil exports of goods amounted to AED132.2 billion ($36 billion), a 39.3 percent YoY and 26.9 percent QoQ increase. Since Q1 2023, non-oil exports have consistently surpassed AED100 billion (US$27.2 billion).

 

Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, affirmed that the UAE has placed foreign trade at the centre of its economic agenda, recognising its pivotal role in driving industrial output, enhancing the global competitiveness of its products and services, as well as catalysing innovation.