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, marking an 11.2% increase year on year, according to the latest official information. The country has a notable focus on foreign trade as a key element of its economic strategy.

The UAE recognises the crucial role foreign trade plays in driving industrial output, fostering innovation and boosting global competitiveness. Non-oil exports account for a significant portion of the country’s total foreign trade – at 18.4%.

UAE’s rising global trade prominence

The official data released recently highlight a significant rise in non-oil exports – totalling Dh256.4 billion, up 25% from the previous year. Non-oil exports to the UAE’s top 10 trading partners increased by 33.4%, highlighting the Gulf state’s rising trade prominence.

HH Sheikh Mohammed bin Rashid, UAE’s Vice President and Prime Minister and Ruler of Dubai, noted that the country had set ambitious economic objectives some years back, aiming for Dh4 trillion in foreign trade by 2031 – a goal that looked challenging at the time.”

But today, the figures for the first half of 2024 highlight that the UAE’s exports in just 6 months have equaled the figure they used to export in an entire year before the COVID-19 pandemic in 2019, His Highness further mentioned.

Stunning numbers highlight UAE economy’s resilience

The UAE seeks to achieve Dh3 trillion in non-oil foreign trade by the end of this year, said HH Sheikh Mohammed, underscoring the deepening economic relations the UAE and several other countries share, including India, Turkey and Iraq.

The Emirati economic performance defies the global trend of decelerating trade numbers – averaging just 1.5% in the first half of this year. This achievement highlights the UAE economy’s resilience, a result of the nation building strong public-private partnerships.