UAE non-oil trade surged to Dh1.4 trillion in H1 2024, surpassing pre-pandemic levels

 

The UAE’s non-oil foreign trade reached a historic milestone, approaching AED 1.4 trillion in the first half of 2024, marking an 11.2% year-on-year growth. This remarkable achievement underscores the nation’s robust economic policies and solidifies its status as a leading global trading hub.

A significant driver of this growth was a 25% surge in non-oil exports, which totaled AED 256.4 billion — an impressive increase from 2023. Non-oil imports also saw a notable rise, nearing AED 800 billion, up by 11.3% year-on-year. Re-exports reached approximately AED 345.1 billion by the end of H1 2024, representing a 2.7% increase over the previous year. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, reflected on this achievement, stating, “A few years ago, we set ambitious targets for our national economy, aiming for AED 4 trillion in foreign trade by 2031 — a goal once seen as highly challenging.”

Sheikh Mohammed noted that in just the first half of 2024, exports matched the annual figures from before the COVID-19 pandemic in 2019.

Looking ahead, the UAE aims to reach AED 3 trillion in non-oil foreign trade by the end of 2024, a target supported by strong economic ties with key trading partners. Exports to India increased by 10%, while Turkey saw a 15% rise, and Iraq experienced a remarkable 41% growth, making it the UAE’s top export destination, closely followed by India and Turkey. This strategic milestone reflects the UAE’s commitment to diversifying its economy away from oil dependency and expanding its global trade footprint.

Key Highlights:

  • Record-breaking non-oil foreign trade for H1 2024.
  • 25% growth in non-oil exports.
  • Strong economic ties with India, Turkey, and Iraq.
  • Ambitious AED 3 trillion non-oil trade target for 2024.

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