UAE Achieves Record Non-Oil Foreign Trade of AED1.395 Trillion in H1 2024
The United Arab Emirates (UAE) has set a new benchmark in non-oil foreign trade, demonstrating the nation’s resilience and effective economic diversification. In the first half of 2024, UAE’s non-oil foreign trade reached an unprecedented AED1.395 trillion, marking the sixth consecutive half-year of trade growth.
Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, highlighted that this record reflects an 11.2 percent increase compared to the same period in 2023. The significant rise in non-oil exports, which surged by 25 percent to AED256.4 billion, underscores the success of the UAE’s economic strategies.
Key sectors such as gold, silver, jewellery, oils, perfumes, aluminium, copper wires, and iron products have been pivotal in this growth, enhancing the UAE’s global competitiveness. Dr. Al Zeyoudi also attributed the positive results to the Comprehensive Economic Partnership Agreement (CEPA) programme, noting that trade with CEPA partners India and Türkiye has grown by 15 percent and 9.8 percent respectively, now representing 11.7 percent of the UAE’s total foreign trade.
Looking ahead, the UAE aims to achieve AED4 trillion in non-oil foreign trade by 2031, with further expansion of CEPA agreements expected to drive this ambitious target. Dr. Al Zeyoudi concluded that the UAE will continue leveraging trade to foster sustainable, long-term economic growth and prosperity.
