UAE Non-Oil Foreign Trade Hits Record AED1.395 Trillion in H1 2024

Post by : Omar Nasser

Photo : Dubai government media office

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, has highlighted the UAE’s remarkable progress in non-oil foreign trade, attributing this success to the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan. Under their guidance, the UAE has reached unprecedented trade milestones.

Sheikh Mohammed noted that several years ago, the UAE set ambitious economic targets, including the goal of reaching AED 4 trillion in foreign trade by 2031. At that time, this target seemed highly ambitious. However, recent figures reveal a significant achievement. In the first half of 2024 alone, the UAE's non-oil exports have matched the total exports from an entire year prior to the COVID-19 pandemic in 2019. The UAE's foreign trade is nearing AED 1.4 trillion for these six months, reflecting a 25 percent growth in non-oil exports. The ambitious goal for the year is to achieve AED 3 trillion in non-oil foreign trade.

Stay informed with the latest news. Follow DXB News Network on WhatsApp Channel 

Sheikh Mohammed further emphasized that economic relations with various countries have strengthened. Trade with India has increased by 10 percent, Türkiye by 15 percent, and Iraq by 41 percent, making Iraq the top destination for UAE exports. India and Türkiye also remain significant trade partners.

Despite the global foreign trade growth rate of approximately 1.5 percent, the UAE has seen an 11.2 percent annual increase in its foreign trade. Sheikh Mohammed attributed this success to the unwavering support of President Sheikh Mohamed bin Zayed Al Nahyan, who has fostered exceptional international relations, and the tireless efforts of teams from both the public and private sectors. He concluded by expressing confidence in a bright future, noting that the nation's progress and prosperity are promising.

In terms of export categories, the UAE saw substantial growth in the first half of 2024. Gold, jewellery, cigarettes, oils, aluminium, copper wires, printed materials, silver, iron, and perfumes were the top export items, with these categories growing by 36.8 percent compared to the same period in 2023. Other goods experienced a modest 1 percent increase.

Re-exports for the first half of 2024 totaled AED 345.1 billion, marking a 2.7 percent increase from the previous year and an 11.2 percent rise from 2022. Key trading partners saw growth in re-exports, with notable increases to Saudi Arabia, Iraq, India, the United States, Kuwait, and Qatar. Kazakhstan also emerged as a significant re-export partner, with a near doubling in growth due to increased re-exports of telephone devices.

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

The UAE’s non-oil imports approached AED 800 billion in the first half of 2024, reflecting an 11.3 percent increase from the previous year and a 34.6 percent rise compared to 2022. A substantial portion of these imports are re-exported. Imports from the top ten markets grew by 7.2 percent, representing over 48.7 percent of total imports. Imports from other countries, which make up 51.3 percent of the UAE's total imports, grew by 15.4 percent in the first half of 2024 compared to the same period in 2023.

#trending #latest #UAE #NonOilTrade #EconomicGrowth #TradeMilestones #SheikhMohammed #SheikhMohamedBinZayed #TradeRecord #ForeignTrade #UAEExports #TradeGrowth #BusinessNews #GlobalTrade #MiddleEastEconomy #Dubai #headlines #topstories #globalUpdate #dxbnewsnetwork #dxbnews #dxbdnn #dxbnewsnetworkdnn #bestnewschanneldubai #bestnewschannelUAE #bestnewschannelabudhabi #bestnewschannelajman #bestnewschannelofdubai #popularnewschanneldubai