The UAE’s Non-Oil trade has reached unprecedented heights in the first half of 2024, setting a new record of AED1.4tn ($381bn). This remarkable achievement aligns with the nation’s ambitious goal of hitting AED4tn ($1.1bn) in foreign trade by 2031, as envisioned by its leadership.
Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, highlighted the UAE’s rapid progress under the leadership of President Sheikh Mohamed bin Zayed Al Nahyan, noting the country’s continued success in the non-oil foreign trade sector.
“A few years ago, we set ambitious national economic goals, aiming for AED4tn ($1.1bn) in foreign trade by 2031 – a goal that was seen as highly challenging at the time,” Sheikh Mohammed stated. “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 AED1.4tn ($381.2bn) in these six months, with a 25 percent growth in non-oil exports.”
He further emphasized the UAE’s target of achieving AED3tn ($817bn) 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,” he added.
Sheikh Mohammed also highlighted the UAE’s impressive 11.2 percent annual growth in foreign trade, far surpassing the global average of 1.5 percent. This growth is attributed to the strategic international relationships fostered by President Sheikh Mohamed bin Zayed Al Nahyan and the collaborative efforts of teams across both public and private sectors.
“The flag rises, the nation and the region prosper, and our future is brighter, higher, and more promising,” Sheikh Mohammed concluded.
The UAE’s non-oil exports to its top 10 trading partners surged by 28.7 percent, with overall trade with other nations growing by 12.6 percent. Key export categories, including gold, jewellery, cigarettes, oils, aluminium, copper wires, printed materials, silver, iron industries, and perfumes, collectively saw a 36.8 percent increase compared to the first half of 2023.
Re-exports also experienced significant growth, reaching AED345.1bn ($94bn) in the first half of 2024, marking a 2.7 percent rise compared to the same period in 2023. Top re-export partners, including Saudi Arabia, Iraq, India, the United States, Kuwait, and Qatar, all contributed to this growth. Notably, Kazakhstan emerged as a leading re-export partner, nearly doubling its re-export growth due to increased demand for telephone devices.
In terms of imports, the UAE’s non-oil imports approached AED800bn ($218bn) in the first half of 2024, reflecting an 11.3 percent increase compared to the same period in 2023 and a 34.6 percent rise compared to the same period in 2022. A substantial portion of these imports is re-exported, with imports from the top ten markets growing by 7.2 percent, accounting for 48.7 percent of total imports.
