Page 306 - MOE ENGLISH PR REPORT - AUGUST 2024

8/27/24, 2:57 PM PRESSR: Statement on UAE’s non-oil foreign trade, H1 2024 — TradingView News
PRESSR: Statement on UAE’s

non-oil foreign trade, H1 2024

Aug 25, 202416:13 GMT+4

“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

https://www.tradingview.com/news/reuters.com,2024-08-25:newsml_Zaw9p6bjH:0-pressr-statement-on-uae-s-non-oil-foreign-trade-h1-2024/ 1/2