UAE Foreign Trade Reaches AED 1.395 Trillion in H1 2024, Marking Historic Growth
In a significant economic milestone, the United Arab Emirates (UAE) has achieved an impressive AED 1.395 trillion in foreign trade during the first half of 2024. reflecting a robust 11.2% growth compared to the same period in the previous year.
This growth underscores the UAE’s strategic position as a global trading hub and its commitment to diversifying its economy beyond oil exports.
Surge in Non-Oil Exports
Non-oil exports have played a crucial role in driving this growth, with the sector contributing AED 256.4 billion, marking a remarkable 25% increase. The share of non-oil exports now represents 18.4% of the UAE’s total foreign trade, showcasing the nation’s successful efforts in bolstering its non-oil economy.
Key Trading Partnerships Fuel Growth
The UAE’s top 10 trading partners have seen a 33.4% growth in non-oil exports, highlighting the strengthening of economic ties with these nations. Notably, trade with Turkey and India has surged by 15% and 9.8%, respectively, following the implementation of the Comprehensive Economic Partnership Agreements (CEPA). These agreements have paved the way for increased trade flows, benefiting both the UAE and its partners.
Re-Exports and Non-Oil Imports
Re-exports, another vital component of the UAE’s trade portfolio, reached a value of AED 345.1 billion. Meanwhile, non-oil imports accounted for AED 800 billion, further emphasizing the UAE’s role as a global trade facilitator.
Iraq Emerges as a Key Trading Partner
Among the UAE’s key global trading partners, Iraq recorded the highest growth rate in the first half of 2024, at 41.2%. This remarkable growth highlights Iraq’s emerging role in the UAE’s trade landscape and signals the potential for further economic collaboration.
Conclusion
The first half of 2024 has set the stage for a promising year for UAE’s foreign trade, driven by significant growth in non-oil exports and strategic trade partnerships. As the UAE continues to diversify its economy, the future looks bright for the nation’s trade prospects.
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