While trade with all other countries increased by 12.6%, the UAE’s non-oil exports to its top 10 trading partners increased by 28.7%.
Under the leadership of President Highness Sheikh Mohammed bin Zayed Al Nahyan, the UAE is continuing to reach previously unheard-of milestones in its non-oil foreign commerce, according to Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai.
In the first half of this year, the UAE’s non-oil foreign trade reached a record Dh1.4 trillion ($381.5 billion), as the second-largest economy in the Arab world keeps expanding its economic diversification and fostering stronger trade relationships with allies worldwide.
Sheikh Mohammed announced, using his X account, that they established ambitious national economic goals, hoping to reach Dh4 trillion in international commerce by 2031, which was quite challenging at the time. Data for the first half of 2024 show that their shipments over the final half of the year had exceeded their yearly exports before the COVID-19 pandemic in 2019. Six months into the foreign trade, non-oil exports have increased by 25% to reach approximately Dh1.4 trillion. This year, Dh3 trillion in non-oil foreign exchange is the target.
He also emphasised the UAE‘s economic relations with other nations across the globe. With trade growing by 10% with India, 15% with Turkey, and 41% with Iraq, our economic ties with many nations have improved. As a result, Iraq is now the leading destination for UAE exports, followed by Turkey, India, and other countries. As they continue to move closer to the objectives, foreign commerce has increased by 11.2 per cent yearly, whereas the global growth rate for foreign trade is around 1.5 per cent.
The Ruler ended by thanking thousands of teams from the public and private sectors for their unwavering efforts and Sheikh Mohammed bin Zayed Al Nahyan for his support in cultivating extraordinary international connections with nations around the globe.
The leader declared as he concluded his position that the flag rises, the nation and the region prosper, and the future is brighter, higher, and more promising.
While trade with all other countries increased by 12.6%, the UAE’s non-oil exports to its top 10 trading partners increased by 28.7%. In the first half of 2024, the UAE’s most significant export categories were gold, jewellery, cigarettes, oils, aluminium, copper wires, printed materials, silver, iron industries, and fragrances. These export categories grew by 36.8% overall compared to the same time in 2023. Other items saw a 1% increase.
In the first half of 2024, re-exports amounted to Dh345.1 billion, experiencing growth of 2.7% compared to the same period in 2023 and 11.2% compared to 2022. Key trading partners’ re-exports increased, especially those to Saudi Arabia, Iraq, India, the US, Kuwait, and Qatar. Thanks to a spike in phone device re-exports, Kazakhstan became one of the top re-export partners, almost doubling its growth.
Overall, re-exports with the top 10 trading partners increased by 7.6%. The most popular items to be re-exported were phones and diamonds, with the fastest growth observed in the re-exports of automobiles, trucks, and aviation parts.
In the first half of 2024, non-oil imports into the United Arab Emirates were close to Dh800 billion, up 11.3% from the same period in 2023 and 34.6% from the same period in 2022. A sizable amount of these imports are re-exported again. The top ten markets saw a 7.2% increase in imports, making up more than 48.7%.
The first half of 2024 had a 15.4% growth in exports from other nations, which account for 51.3% of UAE imports, over the same period in 2023.
In the meantime, UAE President Sheikh Mohamed Bin Zayed has received sincere congratulations from Prime Minister Shehbaz Sharif for the nation’s accomplishment of an 11% increase in international commerce, amounting to 397 billion dollars in the first half of this year.
He stated that this number shows a staggering rise in the UAE’s non-oil exports and international trade in a post on X. According to the prime minister, the UAE’s emphasis on worldwide trade as a component of its broader economic policy has been crucial in promoting innovation, increasing competitiveness, and accelerating industrial growth.
He claimed that he is thankful for the capable leadership of President Mohamed bin Zayed. UAE has grown gradually into a dependable global trading partner and facilitator. It also shows a growing trust worldwide in the robustness and enormous development potential.
The prime minister credited President Mohamed bin Zayed’s dynamic leadership for this outstanding economic success. It is a significant step towards achieving his goal of making the United Arab Emirates a hub for international trade.
