The UAE achieved a major milestone as it hit 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.
The Ruler confirmed the achievement under the leadership of the country’s President, Sheikh Mohammed bin Zayed Al Nahyan on Sunday.
Taking to X, the leader wrote: “A few years ago, we set ambitious national economic goals, aiming for Dh4 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.
“Our foreign trade is nearing Dh1.4 trillion in these six months, with a 25 per cent growth in non-oil exports. Our target is to achieve Dh 3 trillion in non-oil foreign trade by the end of this year.”
Sheikh Mohammed also stressed on the UAE’s economic relations with countries across the globe. “Our 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, making Iraq the top destination for UAE exports, followed by India, Turkey, and others.”
“While the global growth rate for foreign trade is around 1.5 per cent, our foreign trade has grown by 11.2 per cent annually, as we continue to advance toward our goals,” he added.
The Ruler concluded by praising the support of Sheikh Mohammed bin Zayed Al Nahyan “who cultivated exceptional international relations with countries around the world, and through the tireless efforts of thousands of teams from both the public and private sectors”.
“The flag rises, the nation and the region prosper, and our future is brighter, higher, and more promising,” said the leader as he ended his post.
Trade growth
The UAE’s non-oil exports to its top 10 trade partners grew by 28.7 per cent, while all other nations saw a 12.6 percent increase in trade. Gold, jewellery, cigarettes, oils, aluminium, copper wires, printed materials, silver, iron industries, and perfumes topped the list of the UAE’s most important export categories in the first half of 2024, collectively growing by 36.8 percent compared to the same period in 2023. Other goods grew by 1 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, and increasing by 11.2 per cent compared to the same period in 2022. Re-exports with key trading partners all grew, particularly Saudi Arabia, Iraq, India, the United States, Kuwait, and Qatar. Kazakhstan joined the list of leading re-export partners, nearly doubling its growth due to increased re-exports of telephone devices.
Overall, re-exports grew by 7.6 per cent with the top ten trading partners. Telephones and diamonds were the top re-exported goods, with the highest growth seen in re-exports of aircraft parts, cars, and goods transport vehicles.
The UAE’s non-oil imports approached Dh800 billion in the first half of 2024, growing by 11.3 per cent compared to the same period in 2023 and increasing by 34.6 per cent compared to the same period in 2022. A significant portion of these imports are re-exported. Imports from the top ten markets grew by 7.2 per cent, accounting for over 48.7 per cent of total imports.
Other countries, which account for 51.3 per cent of UAE imports, grew by 15.4 per cent in the first half of 2024 compared to the same period in 2023.
Inputs from Wam