UAE – Mubasher:  The UAE’s non-oil foreign trade hit AED 1.39 trillion in the first half (H1) of 2024, with a 25% growth in non-oil exports.

Mohammed bin Rashid Al Maktoum, Prime Minister and Ruler of Dubai, affirmed that the UAE continues to achieve unprecedented milestones in its non-oil foreign trade, according to Emirates News Agency (WAM).

Al Maktoum remarked: “A few years ago, we set ambitious national economic goals, aiming for AED 4 trillion in foreign trade by 2031 – a goal that was seen as highly challenging at the time."

“Our target is to achieve AED 3 trillion in non-oil foreign trade by the end of this year,” he added.

The Gulf country's economic relations with various nations have strengthened, with trade increasing by 10% with India, 15% with Turkey, and 41% with Iraq, making Iraq the top destination for UAE exports, followed by India, Turkey, and others.”

The Prime Minister indicated: “While the global growth rate for foreign trade is around 1.50%, our foreign trade has grown by 11.20% annually, as we continue to advance toward our goals.”

The UAE’s non-oil exports to its top 10 trade partners surged by 28.70%, while all other nations witnessed a 12.60% rise in trade.

Re-exports grew by 7.60% with the top ten trading partners. Meanwhile, the UAE’s non-oil imports approached AED 800 billion in H1-24, higher by 11.30% year-on-year (YoY).