Page 309 - MOE ENGLISH PR REPORT - AUGUST 2024

8/27/24, 2:57 PM UAE non-oil foreign trade continues to set new milestones

Dr. Al Zeyoudi noted that the UAE’s non-oil trade has been consistently growing, reaching a record AED1.395 trillion
in the first half of 2024, marking the sixth consecutive period of growth.

This milestone represents an 11.2 percent increase compared to the same period in 2023, demonstrating the
success of the UAE’s economic diversification efforts. He added that non-oil exports surged by 25 percent compared
to the first half of 2023, reaching AED256.4 billion.

Dr. Al Zeyoudi pointed out that sectors such as gold, silver, jewellery, oils, perfumes, aluminium, copper wires, and

iron products have significantly contributed to this rise in non-oil exports, showcasing the UAE’s growing global
competitiveness. He also mentioned the increase in re-exports, underscoring the UAE’s position as a global trade
hub and a trusted partner.

“Our performance stands out, especially when global trade growth averaged just 1.5 percent in the first half of this
year. This reflects the resilience of the UAE economy, which is built on strong public-private partnerships and

collaboration with emerging global markets,” he added.

Dr. Al Zeyoudi also highlighted the importance of the Comprehensive Economic Partnership Agreement (CEPA)
programme in these achievements. He noted that bilateral trade with CEPA partners India and Türkiye grew by 15
and 9.8 percent, respectively, now accounting for 11.7 percent of the UAE’s total foreign trade.

“As we continue to expand and finalise more CEPA agreements, we expect further growth, bringing us closer to our

ambitious goal of AED4 trillion in non-oil foreign trade by 2031,” he said.
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Looking ahead, Dr. Al Zeyoudi emphasised the UAE’s commitment to harnessing trade to drive sustainable, long-

term economic growth and prosperity.

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