The UAE’s foreign trade has achieved an unprecedented milestone by nearing AED 1.4 trillion ($378 billion) in H1 2024, with a 25 percent surge in non-oil exports.
Non-oil exports from the UAE’s to its top 10 trade partners increased by 28.7 percent, while all other nations saw a 12.6 percent increase in trade. The UAE’s most important exports included Gold, jewelry, cigarettes, oils, aluminum, copper wires, printed materials, silver, iron industries, and perfumes. Compared to the same period in last year, the export of these products has increased by 36.8 percent.
H.H Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai
“A few years ago, we set ambitious national economic goals, aiming for AED 4 trillion ($1.8 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 equaled what we used to export in an entire year before the COVID-19 pandemic in 2019. Our foreign trade is nearing AED 1.4 trillion ($378 billion) in these six months, with a 25 percent growth in non-oil exports. Our target is to achieve AED 3 trillion in non-oil foreign trade by the end of this year. 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. 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.”
Re-exports in the first half of 2024 reached AED 345.1 billion ($93.7 billion), 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 by 7.6 percent. Telephones and diamonds top the list of re-exported goods, and the significant growth was also seen in re-exports of aircraft parts, cars, and goods transport vehicles.
The UAE’s non-oil imports reached AED800 billion ($217.84 billion) in H1 2024, increasing by 11.3 percent compared to the same period in 2023 and increasing by 34.6 percent compared to the same period in 2022. Imports from the top ten markets grew by 7.2 percent.
His Highness Sheikh Mohammed bin Rashid 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.”
