UAE Sets Record with $381 Billion in Non-Oil Foreign Trade in H1 2024

UAE, 26 August, 2024 : The UAE's non-oil foreign trade hit a new high of AED 1.4 trillion ($381.17 billion) in the first half of 2024, marking an 11.2% increase compared to the same period last year, according to Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai. Sheikh Mohammed noted that non-oil exports rose by 25%, bringing the UAE closer to its goal of achieving AED 3 trillion in non-oil trade by the end of this year and AED 4 trillion by 2031.

Economic ties with key partners strengthened, with trade increasing by 10% with India, 15% with Turkey, and 41% with Iraq, making Iraq the top destination for UAE exports. Non-oil exports to the UAE’s top 10 trade partners saw a 28.7% surge, while trade with other countries rose by 12.6%. Key export products, including gold, jewellery, and aluminium, grew by 36.8% year-on-year.

Re-exports reached AED 345.1 billion in the first half of 2024, reflecting a 2.7% year-on-year increase. The highest growth was seen in re-exports of telephone devices, diamonds, and transport vehicles, with significant activity in markets like Saudi Arabia, India, and Iraq. Kazakhstan also saw notable growth in re-exports, driven by telephone devices.

Non-oil imports climbed to AED 800 billion, an 11.3% rise from the previous year. Imports from the top 10 markets accounted for nearly half of the total, growing by 7.2%, while imports from other sources increased by 15.4%. A large portion of these imports are destined for re-export, underscoring the UAE’s role as a global trade hub.

Source : www.zawya.com