Sheikh Mohammed: UAE Sets New Record With Non-Oil Foreign Trade Hitting Dh1.395 Trillion In H1 2024

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, highlighted the UAE's significant achievements in non-oil foreign trade under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan. He noted that the UAE continues to reach new milestones in this sector.

In the first half of 2024, the UAE's non-oil imports neared AED800 billion, marking an 11.3 percent increase compared to the same period in 2023. This figure also represents a 34.6 percent rise from the same period in 2022. A substantial portion of these imports are re-exported.

Sheikh Mohammed bin Rashid Al Maktoum stated, "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." He added that current figures show exports in just six months of 2024 equalling what used to be exported annually before the COVID-19 pandemic.

The UAE's non-oil exports to its top ten trade partners grew by 28.7 percent. Other nations saw a 12.6 percent increase in trade. Gold, jewellery, cigarettes, oils, aluminium, copper wires, printed materials, silver, iron industries, and perfumes were among the top export categories in the first half of 2024.

Re-exports reached AED345.1 billion in the first half of 2024, 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 such as Saudi Arabia, Iraq, India, the United States, Kuwait, and Qatar all saw growth.

Kazakhstan emerged as a leading re-export partner due to increased re-exports of telephone devices. Overall re-exports grew by 7.6 percent with the top ten trading partners.

Strengthening Economic Relations

Sheikh Mohammed bin Rashid Al Maktoum also noted that economic relations with various countries have strengthened significantly. Trade increased by 10 percent with India, 15 percent with Türkiye, and an impressive 41 percent with Iraq.

Iraq has become the top destination for UAE exports followed by India and Türkiye. The global growth rate for foreign trade is around 1.5 percent; however, UAE’s foreign trade has grown by an annual rate of 11.2 percent.

Imports from Top Markets

Imports from the top ten markets grew by 7.2 percent and accounted for over 48.7 percent of total imports during this period. Other countries contributing to UAE imports grew by 15.4 percent compared to the same period in 2023.

The highest growth was seen in re-exports of aircraft parts, cars, and goods transport vehicles. Telephones and diamonds were among the top re-exported goods during this period.

Sheikh Mohammed bin Rashid concluded by acknowledging President Sheikh Mohamed bin Zayed Al Nahyan’s support and efforts from both public and private sectors: "The flag rises; the nation prospers; our future is brighter."

With inputs from WAM