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8/26/24, 4:55 PM His Excellency Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade_Statement on UAE’s non-oil foreign trade, H1 2024 - Middl…
His Excellency Dr. Thani Al Zeyoudi,

Minister of State for Foreign

Trade_Statement on UAE’s non-oil

foreign trade, H1 2024

August 25, 2024 13

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)

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