The UAE has recently achieved a significant milestone by hitting an all-time high of Dh1.395 trillion in non-oil foreign trade. The announcement came from Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. This achievement was confirmed under the leadership of the country’s President, Sheikh Mohammed bin Zayed Al Nahyan, showing strong economic growth and trade relations.
Setting ambitious national economic goals a few years ago, the UAE aimed for Dh4 trillion in foreign trade by 2031. The figures for the first half of 2024 show that exports in just six months have already equalled what was exported in an entire year before the Covid-19 pandemic in 2019. The country’s foreign trade is approaching Dh1.4 trillion with a 25 percent growth in non-oil exports, and the target is to achieve Dh3 trillion in non-oil foreign trade by the end of the year.
Sheikh Mohammed also emphasized the strengthening economic relations with other countries, highlighting the increase in trade with India, Turkey, and Iraq. The UAE’s foreign trade has demonstrated significant annual growth of 11.2 percent, surpassing the global rate. This growth is attributed to the efforts of both the public and private sectors and the exceptional international relations cultivated by Sheikh Mohammed bin Zayed Al Nahyan.
The UAE’s non-oil exports to its top 10 trade partners grew by 28.7 percent, while all other nations saw a 12.6 percent increase in trade. Key export categories include gold, jewellery, oils, aluminium, and perfumes, collectively growing by 36.8 percent. Re-exports reached Dh345.1 billion in the first half of 2024, growing by 2.7 percent compared to the same period in 2023. Re-exports with key trading partners also showed growth, with telephones and diamonds being the top re-exported goods.
In terms of imports, the UAE’s non-oil imports approached Dh800 billion in the first half of 2024, growing by 11.3 percent compared to the same period in 2023. A significant portion of these imports are re-exported, with imports from the top ten markets growing by 7.2 percent. Other countries, accounting for 51.3 percent of UAE imports, saw a growth of 15.4 percent in the first half of 2024. Overall, the UAE’s foreign trade continues to expand, showcasing a positive outlook for the country’s economy.
