The value of the UAE’s non-oil trade has achieved its sixth consecutive half-year period of foreign trade growth, reaching an all-time high of Dh1.395 trillion in the first half of 2024.
This new milestone marks an 11.2% increase in foreign trade compared to H1 in 2023. The growth was mainly driven by an increase in non-oil exports, which grew 25% compared to the year prior, to reach Dh256.4 billion.
Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, affirmed that the UAE has placed foreign trade at the centre of its economic agenda, recognising its pivotal role in driving industrial output and driving innovation.
“As a direct result of this conviction, and guided by our leadership’s forward-thinking vision and commitment to global collaboration, our non-oil foreign trade continues to set new milestones,” he stressed.
Gold, silver, jewellery, oils, perfumes, aluminium, copper wires, and iron products, were some of the products that led the surge in non-oil exports, demonstrating the country’s diversification strategy.
“Moreover, our performance defies the global trend of slowing trade growth, which averaged just 1.5% in the first half of this year,” Al Zeyoudi said. “This achievement shows the UAE economy’s resilience, which is the result of our steadfast commitment to building strong, productive public-private partnerships as well as fostering collaborative growth with emerging global economies.”
The UAE’S Comprehensive Economic Partnership Agreement (CEPA) programme is also playing a central role in achieving these record results. Due to these agreements, bilateral trade with India and Türkiye grew 15 and 9.8% respectively.
“As we look to the future, we will ensure that the UAE continues to leverage the power of trade to drive sustainable, long-term economic growth and prosperity for our nation,” Al Zeyoudi concluded.
The UAE has a target of reaching Dh4 trillion in non-oil foreign trade by 2031.
