UAE Sets New Records in Non-Oil Foreign Trade in 2024
The UAE achieved a record $381.2 billion in non-oil foreign trade during the first half of 2024, an 11.2% increase from the previous year. This growth highlights the nation’s success in diversifying its economy and expanding its global trade presence.
Key Trade Highlights
Non-oil exports surged by 25%, with Iraq leading as the UAE’s top export destination, seeing a 41% increase. Other key partners like India and Turkey also recorded growth of 10% and 15%, respectively. Top export products included gold, jewellery, aluminium, and perfumes, driving a 36.8% rise in high-demand sectors.
Strategic Role as a Trade Hub
Re-exports reached $94 billion, a 2.7% increase, underscoring the UAE’s role as a global trade gateway. Key re-export markets included Saudi Arabia, India, and the US, with a 7.6% rise in trade with these countries.
Balanced Trade Growth
Non-oil imports rose by 11.3% to $218 billion, with imports from the top ten markets growing by 7.2%. The UAE’s diverse import sources and strong domestic demand underscore its robust trade ecosystem.
Aiming to reach $817 billion in non-oil trade by the end of 2024 and $1.1 trillion by 2031, the UAE continues to strengthen its position as a leading global trade hub while reducing reliance on oil revenues.