Page 303 - MOE ENGLISH PR REPORT - AUGUST 2024

8/27/24, 2:56 PM Statement On UAE's Non-Oil Foreign Trade, H1 2024

Statement On UAE's Non-Oil Foreign Trade, H1

2024

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8/26/2024 3:12:37 AM

(MENAFN- Dubai PR Network) His Excellency Dr. Thani Al Zeyoudi, Minister of State for

Foreign Trade

The United Arab Emirates has placed foreign trade at the center of our economic agenda,
recognizing its pivotal role in driving industrial output, enhancing the global competitiveness of

our products and services, and catalyzing innovation. As a direct result of this conviction and
guided by our leadership's forward-thinking vision and commitment to global collaboration, our

non-oil foreign trade continues to set new milestones. The value of our non-oil trade has
remained on a robust growth trajectory, reaching an all-time high of AED1.395 trillion in the

first half of 2024 the sixth consecutive half-year period of foreign trade growth.

This new milestone marks an 11.2% increase in foreign trade compared to H1 in 2023 and
underscores the success of the UAE's economic diversification strategies. 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 Trkiye 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

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