Page 347 - MOE ENGLISH PR REPORT - AUGUST 2024
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8/26/24, 4:56 PM                          UAE foreign trade surges 11% to $379bn in first half of 2024





            Thi s comes as the  sha re of non-oil exports of the UAE’s total foreign trade
            stands at 18.4 percent. 



            Thi s aligns with the  UAE’s focus on foreign trade as a key element of its
            economic strategy, recognizing its crucial role in driving industrial output,
            boosting global competitiveness, and fostering innovation. 



            She ikh  Moha mmed bin Rashi d Al-Maktoum, UAE vice president and prime
            minister and ruler of Dubai, said: “A few years ago, we set ambitious national

            economic goals, aiming for 4 trillion dirhams in foreign trade by 2031 — a goal
            tha t was seen as hi ghl y cha llenging at the time.”  



            He added: “Today, the  „gures for the „rst half of 2024 show that our exports in
            just six months  ha ve equaled wha t we used to export in an entire year before
            the  COVID-19 pandemic in 2019. Our foreign trade is nearing 1.4 trillion

            dirha ms in the se six months , with a 25 percent growth in non-oil exports. Our
            target is to achi eve 3 trillion dirhams in non-oil foreign trade by the end of this
            year.”  



            Dubai’s ruler also noted tha t economic relations with various countries had

            strengthe ned, with trade increasing by 10 percent with India, 15 percent with
            Türkiye, and 41 percent with  Iraq, which had become the top destination for
            UAE exports, followed by India, Turkiye, and others. 



            UAE’s Minister of State for Foreign Trade Thani Al-Zeyoudi noted that key
            sectors such  as gold, silver, and jewelry, as well as oils, perfumes, aluminum,

            copper wires, and iron products, were instrumental in the rise of non-oil
            exports, re…ecting the  country’s improved global competitiveness. 


            “Our re-export operations also increased, highlighting our status as a global

            trade hu b and re…ecting international con„dence in the UAE as a reliable trade
            partner and facilitator. Moreover, our performance de„es the global trend of

            slowing trade growth,  whi ch  averaged just 1.5 percent in the „rst half of this
            year,” he  added.   


            The  minister continued by stating that this achievement highlights the UAE

            economy’s resilience, a result of the nation’s steadfast commitment to building
            strong public-private partnershi ps and fostering collaborative growth with





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