Page 325 - MOE ENGLISH PR REPORT - AUGUST 2024

8/26/24, 4:53 PM Statement on UAE’s non-oil foreign trade, H1 2024

“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 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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