UAE ports don’t fail to shine in a tough global trade environment

In July 2024, Dubai’s Jebel Ali Port handled 1.4 million TEUs of containers. TEUs refer to 20-foot equivalent units, a standard measure for counting container volumes. This figure beats the previous record of 1.4 million TEUs set in July 2015.

This notable achievement comes on the back of the prominent Dubai port overseeing 7.3 million TEUs during the first half of 2024, up 3.9% year-on-year. Inbound cargo movements, mainly from key Asian markets like China, Japan and South Korea, drove the increased volumes.

Jebel Ali Port is one of the largest and most efficient ports globally. Its strong performance contributes to Dubai’s economic vision. Experts expect container volumes at the port to continue increasing due to robust regional trade and opportunities from agreements.

UAE’s strategy to enhance its global trade is bearing fruits

The UAE has achieved a historic milestone in its non-oil foreign trade, reaching a record Dh1.4 trillion in the first six months of the year. This marks an 11.2% YOY increase, highlighting the country’s impressive economic performance amid global uncertainties.

The Emirates’ strategy to enhance its global trade is bearing fruits. Trade involving India increased by 10%, for Turkey its 15% and for Iraq – it’s a remarkable 41%. Iraq has become the top destination for UAE exports, as the latest official data suggests.

These figures demonstrate the UAE’s success in diversifying its trade partnerships and improving its global economic influence. Non-oil exports to the country’s top 10 trade partners is reported to have surged by 28.7%.

Strategic trade policies and broader economic resilience

The UAE’s export portfolio has also started becoming more and more diversified. In the first half of 2024, key export categories such as gold, silver, copper, aluminium, cigarette, oil, printed materials and perfumes collectively increased by 36.8% year-on-year.

Re-exports also remain of vital pillar of the UAE’s trade strategy. In the first half of this year, re-exports reached Dh345.1 billion, rising by 2.7% YOY and increasing by 11.2% compared to the same period in 2022.

The UAE’s success story in the first six months of 2024 is not just a reflection of its strategic trade policies but also an indication of its broader economic resilience and vision for the future. Keep an eye out for more details on the country’s long-term economic objectives.