Business

UAE Non-Oil Trade Reaches Record AED1.395 Trillion in H1 2024

Aug 25, 2024 1 min read

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The UAE's non-oil foreign trade reached a record high of AED1.395 trillion in the first half of 2024, marking an 11.2% increase compared to the same period in 2023. This milestone was highlighted by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, who attributed the success to the leadership of President Sheikh Mohamed bin Zayed Al Nahyan. The growth in trade is largely driven by the UAE's economic diversification strategies, which saw non-oil exports rise by 25% to AED256.4 billion. Key export sectors included gold, silver, jewellery, oils, perfumes, aluminium, copper wires, and iron products.

Economic relations with various countries have strengthened, with trade increasing by 10% with India, 15% with Türkiye, and 41% with Iraq. The UAE's exports to its top 10 trade partners grew by 28.7%, while trade with other nations saw a 12.6% increase. Re-exports reached AED345.1 billion, a growth of 2.7% compared to the first half of 2023. Non-oil imports also saw an increase, reaching AED800 billion, an 11.3% growth year-on-year. The Comprehensive Economic Partnership Agreement (CEPA) programme has played a central role in achieving these results, contributing to the UAE's resilience against the global trend of slowing trade growth.

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