UAE’s non-oil trade hits record $381 billion in first half of 2024
The double-digit expansion was spurred on by trade agreements with fast-growing economies including Indonesia, Cambodia and Georgia
Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade (Getty Images)
The UAE’s pursuit of closer trade ties with fast-growing economies in the Middle East, Asia and Africa saw its non-oil foreign trade hit a record $381 billion in the first half of 2024, up 25% compared to the same period last year. Non-oil exports made up 18.4% of total trade, compared to 16.4% for H1, 2023.
The double-digit expansion in foreign trade defied a global trend in slowing trade growth, spurred on by the signing of so-called comprehensive economic partnership agreements with several countries, Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, said in a statement on Sunday.
The new trade figures show “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,” Al Zeyoudi said.
The Emirates, which is planning to sign similar trade deals with 26 countries, has so-far inked agreements with India, Turkey, Israel, Indonesia, Cambodia and Georgia, and is negotiating with Serbia, Vietnam, the Philippines, New Zealand and Ecuador.
The deals are considered critical to achieving the UAE’s ambitious target of close to $1.1 trillion in non-oil foreign trade by 2031.