The UAE's non-oil foreign trade hit a record Dh1.4 trillion ($381.5 billion) in the first six months of this year as the Arab world’s second-largest economy continues to diversify its economy and forge closer trade ties with partners around the world.
A 25 per cent year-on-year surge in non-oil exports from the Emirates helped the aggregate non-oil foreign trade rise 11.2 per cent on an annual basis, the Government Media Office said on Sunday.
Contribution of non-oil exports to total trade reached 18.4 per cent, up from 16.4 per cent recorded at the end of the first half last year.
"The figures for the first half of 2024 show that our exports in just six months have equalled what we used to export in an entire year before the Covid-19 pandemic in 2019,” Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said.
The UAE, as part of its national economic goals, is pursuing the target of Dh4 trillion in foreign trade by 2031. The country continues to diversify its economic base and has forged closer economic ties with its top trading partners.
The UAE’s non-oil exports to its top 10 trade partners grew by 28.7 per cent, while with all the other nations, it recorded a 12.6 per cent increase.
The UAE’s non-oil imports at the end of the first half climbed to Dh800 billion, growing by 11.3 per cent compared to first six months of last year, and increasing by almost 35 per cent from the same period in 2022.
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