UAE Hits Record Dh1.395 Trillion in Non-Oil Foreign Trade, Sets New Milestones

The United Arab Emirates (UAE) has achieved a historic milestone in its economic growth, reaching an unprecedented Dh1.395 trillion in non-oil foreign trade. This achievement was announced by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who highlighted the country’s significant progress under the leadership of President Sheikh Mohammed bin Zayed Al Nahyan.

Sheikh Mohammed shared the news on X (formerly Twitter) on Sunday, stating, “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 equaled what we used to export in an entire year before the Covid-19 pandemic in 2019.”

The UAE’s foreign trade in the first half of 2024 has surged close to Dh1.4 trillion, with a 25% growth in non-oil exports. Sheikh Mohammed outlined the nation’s goal to reach Dh3 trillion in non-oil foreign trade by the end of the year, reflecting the UAE’s robust economic strategy and global trade relations.

“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,” he added. Notably, while global foreign trade growth stands at approximately 1.5%, the UAE has achieved an impressive annual growth rate of 11.2%.

Sheikh Mohammed praised the efforts of Sheikh Mohammed bin Zayed Al Nahyan in fostering exceptional international relations, which have been pivotal in advancing the UAE’s trade goals. He also acknowledged the tireless work of teams from both the public and private sectors, stating, “The flag rises, the nation and the region prosper, and our future is brighter, higher, and more promising.”

The UAE’s non-oil exports to its top 10 trading partners grew by 28.7% in the first half of 2024, while other countries saw a 12.6% increase in trade. Key export categories, including gold, jewelry, cigarettes, oils, aluminum, copper wires, printed materials, silver, iron industries, and perfumes, collectively grew by 36.8% compared to the same period in 2023. Re-exports also showed strong performance, reaching Dh345.1 billion, a 2.7% increase from 2023.

On the import side, the UAE’s non-oil imports approached Dh800 billion in the first half of 2024, growing by 11.3% compared to the same period in 2023 and by 34.6% compared to 2022. Imports from the top ten markets increased by 7.2%, while imports from other countries grew by 15.4%, reflecting the UAE’s expanding global trade footprint.

This record-breaking achievement underscores the UAE’s position as a leading global trade hub, with its strategic initiatives and international partnerships driving significant economic growth.