Page 323 - MOE ENGLISH PR REPORT - AUGUST 2024

This new milestone marks an 11.2 percent increase in foreign trade compared to H1 in 2023, and
underscores the success of the UAE’s economic diversification strategies, he said, adding that this
is best embodied by the increase of the UAE's non-oil exports, which grew 25 percent compared to
H1 2023 to reach AED256.4 billion.

Dr. Al Zeyoudi emphasised that key sectors, including gold, silver, jewellery, oils, perfumes,
aluminium, copper wires, and iron products, have led this impressive surge in non-oil exports,
demonstrating the country's 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 percent 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," he added.

Importantly, it’s clear that our Comprehensive Economic Partnership Agreement (CEPA)
programme is playing a central role in achieving these record results, Dr. Al Zeyoudi stated. He
stressed that bilateral trade with CEPA partners India and Türkiye grew 15 and 9.8 percent
respectively, and, together, now account for 11.7 percent of the UAE's total foreign trade.

“As we continue to expand and finalise more CEPA deals, we anticipate further growth, steering us
toward our ambitious target of AED4 trillion in non-oil foreign trade by 2031.” he further said.
“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," Dr. Al Zeyoudi
concluded.

https://www.wam.ae/en/article/1432hp3-uae-non-oil-foreign-trade-continues-set-new