Page 300 - MOE ENGLISH PR REPORT - AUGUST 2024

8/27/24, 2:56 PM Statement on UAE's non-oil foreign trade, H1 2024
This is best embodied by the increase of our non-oil exports, which grew 25%
compared to H1 2023 to reach AED256.4 billion.

“Key sectors, including gold, silver, jewelry, oils, perfumes, aluminum, copper wires,
and iron products, have led this impressive surge in non-oil exports, demonstrating

our enhanced global competitiveness. Our re-export operations also increased,
highlighting our status as a global trade hub and reflecting international confidence in
the UAE as a reliable trade partner and facilitator.

“Moreover, our performance defies the global trend of slowing trade growth, which
averaged just 1.5% in the first half of this year. This achievement shows the UAE

economy's resilience, which is the result of our steadfast commitment to building
strong, productive public-private partnerships as well as fostering collaborative
growth with emerging global economies. “Importantly, it's clear that our

Comprehensive Economic Partnership Agreement (CEPA) program is playing a
central role in achieving these record results. Bilateral trade with CEPA partners India

and Türkiye grew 15% and 9.8% respectively and, together, now account for 11.7%
of our total foreign trade. As we continue to expand and finalize more CEPA deals,
we anticipate further growth, steering us toward our ambitious target of AED4 trillion

in non-oil foreign trade by 2031.

“As we look to the future, we will ensure that the UAE continues to leverage the

power of trade to drive sustainable, long-term economic growth and prosperity for our
nation.”

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