The UAE’s foreign trade increased by 11.2% y-o-y in 1H 2024, reaching an all time high of AED 1.395 tn, according to data published by the UAE media office. The country aims to achieve AED 4 tn in foreign trade by 2031, Prime Minister Sheikh Mohammed bin Rashid Al Maktoum said on X.

Non-oil exports rose 25% y-o-y in 1H 2024 to AED 256.4 bn, with Al Maktoum saying the target is to raise non-oil foreign trade to AED 3 tn by the end of the year.

The breakdown: Non-oil exports to its top 10 trade partners increased by 33.4% y-o-y in 1H 2024, while exports to other countries rose by 12.6%, Wam reported. Exports of gold, jewelry, cigarettes, oils, aluminum, copper wires, printed materials, silver, iron industries, and perfumes saw 36.8% y-o-y growth during the six-month period. Other goods grew by 1% y-o-y.

Non-oil imports increased 11.3% y-o-y during the six-month period to AED 800 bn, with a large share of the imports being re-exported. Imports from the UAE’s top ten markets increased 7.2%, comprising 48.7% of total imports, while imports from other countries grew by 15.4% y-o-y.

Main trading partners: The UAE’s trade with Iraq grew 41% y-o-y in 1H 2024, making it the top destination for UAE exports, followed by India, which saw trade increase 10% y-o-y, and Turkey, which saw an increase of 15%.

Re-exports grew 2.7% y-o-y in 1H 2024 to AED 345.1 bn, with main trading partners including Saudi Arabia, Iraq, India, USA, Kuwait, Qatar, and Kazakhstan. Telephones and diamonds were the main re-exported goods, with the highest growth seen in re-exports of aircraft parts, cars, and goods transport vehicles.

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