UAE Achieves Record Growth in Non-Oil Foreign Trade
Leadership of Sheikh Mohammed bin Zayed Al Nahyan
Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, announced that the UAE, under the leadership of President Sheikh Mohammed bin Zayed Al Nahyan, has achieved significant milestones in non-oil foreign trade.
He stated, “A few years ago, we set ambitious national economic goals, aiming for AED 4 trillion in foreign trade by 2031 – a goal that was seen as highly challenging at the time.”
In the first half of 2024, the UAE’s exports equaled what used to be exported in an entire year before the COVID-19 pandemic in 2019, nearing AED 1.4 trillion. Non-oil exports grew by 25 percent, and the UAE aims to achieve AED 3 trillion in non-oil foreign trade by the end of this year.
Sheikh Mohammed bin Rashid Al Maktoum highlighted the strengthening of economic relations with various countries, with trade increasing by 10 percent with India, 15 percent with Turkiye, and 41 percent with Iraq. Iraq is now the top destination for UAE exports, followed by India and Turkiye.
He noted, “While the global growth rate for foreign trade is around 1.5 percent, our foreign trade has grown by 11.2 percent annually, as we continue to advance toward our goals.”
The UAE’s non-oil exports to its top 10 trade partners grew by 28.7 percent, while all other nations saw a 12.6 percent increase in trade. Key export categories include gold, jewellery, cigarettes, oils, aluminium, copper wires, printed materials, silver, iron industries, and perfumes, which collectively grew by 36.8 percent compared to the same period in 2023.
Re-exports reached AED 345.1 billion in the first half of 2024, growing by 2.7 percent compared to the same period in 2023. Key re-export partners include Saudi Arabia, Iraq, India, the United States, Kuwait, and Qatar, with Kazakhstan joining the list due to increased re-exports of telephone devices.
The UAE’s non-oil imports approached AED 800 billion in the first half of 2024, growing by 11.3 percent compared to the same period in 2023. Imports from the top ten markets grew by 7.2 percent, accounting for over 48.7 percent of total imports.
Doubts Revealed
UAE -: The UAE stands for the United Arab Emirates, a country in the Middle East made up of seven smaller regions called emirates.
Non-oil foreign trade -: Non-oil foreign trade means trading goods and services that are not related to oil. This includes things like gold, jewellery, and aluminium.
Sheikh Mohammed bin Zayed Al Nahyan -: Sheikh Mohammed bin Zayed Al Nahyan is the President of the UAE. He is a leader who helps make important decisions for the country.
Sheikh Mohammed bin Rashid Al Maktoum -: Sheikh Mohammed bin Rashid Al Maktoum is another important leader in the UAE. He is the Vice President and Prime Minister of the UAE and the ruler of Dubai.
AED -: AED stands for Arab Emirates Dirham, which is the currency used in the UAE. It’s like how we use Rupees in India.
Exports -: Exports are goods and services that a country sells to other countries. For example, the UAE sells gold and jewellery to other countries.
Pre-pandemic -: Pre-pandemic means the time before the COVID-19 pandemic started. It refers to how things were before the virus affected the world.
Re-exports -: Re-exports are goods that a country imports and then exports again without making any changes to them. It’s like buying something and then selling it to someone else.
Imports -: Imports are goods and services that a country buys from other countries. For example, the UAE might buy electronics from other countries.
Gold -: Gold is a shiny, yellow metal that is very valuable. It is often used to make jewellery and is traded between countries.
Jewellery -: Jewellery includes items like rings, necklaces, and bracelets that people wear. They are often made from precious metals like gold and silver.
Aluminium -: Aluminium is a lightweight metal used to make things like cans, foil, and airplane parts. It is one of the key exports of the UAE.
