UAE Non-Oil Foreign Trade Sets New Records: Insights from Dr. Thani Al Zeyoudi

 


Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, recently highlighted the remarkable achievements in the country's non-oil foreign trade. His remarks underscore the UAE's strategic focus on foreign trade as a critical driver of economic growth, industrial output, and global competitiveness.

In a recent statement, Dr. Al Zeyoudi praised the UAE's non-oil foreign trade, which has surged to an unprecedented AED1.395 trillion in the first half of 2024. This milestone represents an 11.2 percent increase from the same period in 2023, marking the sixth consecutive half-year of growth in the country's foreign trade.

The impressive growth is attributed to the UAE's successful economic diversification strategies. Notably, non-oil exports soared by 25 percent compared to the first half of 2023, reaching AED256.4 billion. Key sectors driving this increase include gold, silver, jewellery, oils, perfumes, aluminium, copper wires, and iron products. Additionally, the rise in re-export operations highlights the UAE's role as a global trade hub and reflects international confidence in its trade partnerships.

A significant factor in this success is the UAE's Comprehensive Economic Partnership Agreement (CEPA) programme. Bilateral trade with CEPA partners India and Türkiye saw notable increases of 15 percent and 9.8 percent, respectively. These partnerships now account for 11.7 percent of the UAE's total foreign trade.

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