UAE’s non-oil foreign trade reaches historic milestone

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The UAE’s non-oil foreign trade reached nearly AED 1.4 trillion in the first-half of 2024, marking an 11.2 per cent growth year-on-year.

There was a 25 per cent surge in non-oil exports (AED 256.4 billion) compared to the first-half of 2023, while non-oil imports approached AED 800 billion, growing by 11.3 per cent year-on-year.

Re-exports reached AED 345.1 billion in H1 2024, growing by 2.7 per cent compared to the same timeframe last year.

“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. 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,” said His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

“Our target is to achieve AED 3 trillion in non-oil foreign trade by the end of this year,” he added.

Sheikh Mohammed pointed out that the UAE’s economic relations with various countries have strengthened, with trade increasing by 10 per cent with India, 15 per cent with Turkey, and 41 per cent with Iraq.

Iraq was the top destination for UAE exports, followed by India, Turkey, and others.

 

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