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UAE non-oil foreign trade hits all-time high

 


The UAE's foreign trade reached Dh1.39 trillion ($379 billion) in the first half of 2024, an 11.2% year-on-year increase, reflecting the country's focus on trade as a key economic driver. Non-oil exports, which make up 18.4% of total trade, rose by 25% to Dh256.4 billion. Exports to the UAE’s top 10 trading partners grew by 33.4%, showcasing its rising trade prominence.

HH Sheikh Mohammed bin Rashid noted that the UAE’s ambitious goal of Dh4 trillion in foreign trade by 2031 once seemed challenging. However, in just the first half of 2024, the UAE matched pre-pandemic annual export figures from 2019. He also highlighted the target of Dh3 trillion in non-oil foreign trade by the end of this year, emphasizing strong economic ties with countries like India, Turkey, and Iraq.

Despite a global slowdown in trade, with growth averaging just 1.5% in early 2024, the UAE's economy stands resilient, driven by robust public-private partnerships.


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