{"id":95121,"date":"2024-08-26T00:00:00","date_gmt":"2024-08-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/foreign-trade-hit-an-all-time-high-of-aed-1-395-tn-in-1h\/"},"modified":"2024-08-26T00:00:00","modified_gmt":"2024-08-26T00:00:00","slug":"foreign-trade-hit-an-all-time-high-of-aed-1-395-tn-in-1h","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/08\/26\/foreign-trade-hit-an-all-time-high-of-aed-1-395-tn-in-1h\/","title":{"rendered":"Foreign trade hit an all-time high of AED 1.395 tn in 1H"},"content":{"rendered":"

The UAE\u2019s foreign trade increased by 11.2% y-o-y in 1H 2024, reaching an all <\/strong>time <\/strong>high of AED 1.395 tn<\/strong>, according to data<\/a> 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<\/a>.<\/p>\n

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

The breakdown:<\/strong> 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<\/a> 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.<\/p>\n

Non-oil imports increased 11.3% y-o-y during the six-month period to AED 800 bn<\/strong>, with a large share of the imports being re-exported. Imports from the UAE\u2019s top ten markets increased 7.2%, comprising 48.7% of total imports, while imports from other countries grew by 15.4% y-o-y. <\/p>\n

Main trading partners: <\/strong>The UAE\u2019s 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%. <\/p>\n

Re-exports grew 2.7% y-o-y in 1H 2024 to AED 345.1 bn<\/strong>, 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

Non-oil exports rose by 25% y-o-y<\/p>\n","protected":false},"author":1,"featured_media":95122,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1556],"tags":[19,7,1334],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-95121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam-uae","tag-trade","wpautop","entry"],"acf":{"mongo_id":"87b83896-75d5-4520-8813-92b851508b87","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/2858.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Foreign trade hit an all-time high of AED 1.395 tn in 1H","related_issue":[95116],"teaser":"Non-oil exports rose by 25% y-o-y","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.460b637f-a7a8-4dc2-9813-91a05f4154ff.mp3"},"yoast_head":"\nForeign trade hit an all-time high of AED 1.395 tn in 1H - 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