UAE’s Non-Oil Foreign Trade Hits AED 1.395 Trillion In H1 2024

UAE's non-oil foreign trade reached an all-time high of AED 1.395 trillion in the first half of this year, marking 11.2% growth. Notably, the country's non-oil exports to its top 10 trade partners grew by 28.7%. UAE has set ambitious economic goals, targeting AED 4 trillion in foreign trade by 2031.

“Our economic relations with various countries have strengthened, with trade increasing by 10 percent with India, 15 percent with Turkey, and 41 percent with Iraq, making Iraq the top destination for UAE exports, followed by India, Turkey, and others,” said Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. According to the Emirates News Agency report, gold, jewellery, oils, aluminium, copper wires, printed materials, silver, iron industries, and perfumes topped the list of the UAE’s most important export categories in the first half of this year, collectively growing by 36.8% compared to the same period in 2023.

#UAE Foreign Trade Reaches Historic Milestone with AED 1.395 Trillion in the First Half of 2024, Marking an 11.2% Growth pic.twitter.com/VY1liMdoBO

— UAEGOV (@UAEmediaoffice) August 25, 2024

Meanwhile, re-exports reached AED 345.1 billion in the first half of 2024. This figure indicates a growth of 2.7% compared to the same period last year. As per the report, telephones and diamonds were the top re-exported goods, with the highest growth registered in re-exports of aircraft parts, cars, and goods transport vehicles.