UAE’s non-oil exports reach record levels in H1 ’24 

UAE non-oil exports hit record levels in the first half of 2024, matching the total exports from 2019. Foreign trade approached AED 1.4 trillion, with non-oil exports growing by 25 per cent. The year-end target for non-oil foreign trade is AED 3 trillion.

Non-oil exports to the top 10 trade partners increased by 28.7 per cent, while overall trade with other countries rose by 12.6 per cent. Major export categories, including gold, jewellery, and aluminium, saw a 36.8 per cent increase compared to the same period in 2023.

Economic relations strengthened, with trade growing by 10 per cent with India, 15 per cent with Turkey, and 41 per cent with Iraq. This makes Iraq the top destination for UAE exports. Additionally, the UAE’s foreign trade grew by 11.2 per cent annually, significantly surpassing the global growth rate of 1.5 per cent.

Re-exports reached AED 345.1 billion, up by 2.7 per cent from 2023 and 11.2 per cent from 2022. Significant growth in re-exports occurred with Kazakhstan, driven by increased telephone device exports.

Conversely, non-oil imports approached AED 800 billion, growing by 11.3 per cent compared to 2023 and 34.6 per cent compared to 2022. Imports from the top ten markets increased by 7.2 per cent, while imports from other countries rose by 15.4 per cent.

Attribution: Government of Dubai – Media Office

Subediting: Y.Yasser