UAE’s non-oil foreign trade has reached a record high of AED1.4 trillion ($381.17 billion) in the first half of 2024, rising 11.2% year-on-year (YoY), according to Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.

“Our foreign trade is nearing AED 1.4 trillion in these six months, with a 25 percent growth in non-oil exports. Our target is to achieve AED 3 trillion in non-oil foreign trade by the end of this year,” he said in a statement published on his official website.

The UAE has set ambitious economic goals, targeting AED 4 trillion in foreign trade by 2031.

“Our economic relations with various countries have strengthened, with trade increasing by 10 percent with India, 15 percent with Turkey, and 41 percent with Iraq, making Iraq the top destination for UAE exports, followed by India, Turkey, and others,” Sheikh Mohammed stated.

Non-oil exports to the UAE's top 10 trade partners surged by 28.7%, while trade with all other countries increased by 12.6%.

Gold, jewellery, cigarettes, oils, aluminium, copper wires, printed materials, silver, iron industries, and perfumes topped the list of the UAE’s most important export categories in the first half of 2024, collectively growing by 36.8 percent YoY. Other goods grew by 1 percent.

Re-exports

Re-exports reached AED345.1 billion in the first half of 2024, growing by 2.7 percent YoY and increasing by 11.2 percent compared to the same period in 2022.

The statement said re-exports with major trading partners grew, particularly Saudi Arabia, Iraq, India, the US, Kuwait, and Qatar.

Kazakhstan joined the list of leading re-export partners, nearly doubling its growth due to increased re-exports of telephone devices.

Overall, re-exports with the top 10 trading partners grew by 7.6%, with telephones and diamonds leading the way. The highest growth was seen in re-exports of aircraft parts, cars, and transport vehicles.
 
Non-oil imports

The UAE’s non-oil imports reached AED 800 billion in the first half of 2024, up 11.3 percent YoY and 34.6 percent compared to the first six months of 2022, the statement disclosed.

A significant portion of these imports are re-exported. Imports from the top 10 markets grew by 7.2 percent, accounting for 48.7 percent of total imports.
 
Other countries, which account for 51.3 percent of UAE imports, grew by 15.4 percent YoY in the first half of 2024.

(Editing by Seban Scaria seban.scaria@lseg.com)