UAE's Non-Oil Foreign Trade Reaches All-Time High Of AED1.395 Trillion In H1 2024

The UAE's non-oil foreign trade reached a historic high of AED 1.395 trillion in the first half of 2024, showing an impressive 11.2% growth, according to an announcement by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE.

The UAE's non-oil exports to its top 10 trading partners increased by 28.7%, while trade with all other countries grew by 12.6%, WAM reported.

The country's key export categories in the first half of 2024 included gold, jewelry, cigarettes, oils, aluminum, copper wires, printed materials, silver, iron products, and perfumes. These categories saw a combined growth of 36.8% compared to the same period in 2023, while other goods experienced a one percent increase.

"A few years ago, we set ambitious national economic goals, aiming for AED 4 trillion in foreign trade by 2031 – a goal that was seen as highly challenging at the time," Al Maktoum said, adding, "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 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," he further said.

Al Maktoum highlighted that the UAE's economic ties with various countries have grown stronger, with trade increasing by 10% with India, 15% with Türkiye, and 41% with Iraq. He pointed out that Iraq has become the top destination for UAE exports, followed by India and Türkiye.

He further said that while the global growth rate for foreign trade is around 1.5%, the UAE's foreign trade has grown by 11.2% annually as the country continues to work toward its goals.

The prime minister credited this success to the strong support of UAE President Sheikh Mohammed bin Zayed Al Nahyan, who has established excellent international relations, and the dedicated efforts of thousands of teams from both the public and private sectors.

He expressed optimism about the nation's future, emphasizing that the UAE and the region are on a path toward greater prosperity and promise.