Non-oil exports to the Emirates’ top ten trading partners increased by 28.7%, while trade with all other nations increased by 12.6%. The UAE accomplished a significant achievement as it hit a record-breaking high of Dh1.395 billion in non-oil unfamiliar exchange.
Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, made the announcement. The Ruler affirmed the accomplishment under the authority of the nation’s Leader, Sheik Mohammed container Zayed Al Nahyan on Sunday.
Taking to X, the pioneer expressed:
“A couple of years prior, we put forth aggressive public monetary objectives, holding back nothing in unfamiliar exchange by 2031 — an objective that was viewed as exceptionally testing at that point.
Today, the figures for the primary portion of 2024 show that our commodities in only a half year have equalled what we used to send out in a whole year before the Coronavirus pandemic in 2019. “With a 25% rise in non-oil exports, our foreign trade is close to Dh1.4 trillion in these six months. By the end of this year, our goal is to reach Dh 3 trillion in non-oil foreign trade. Sheikh Mohammed also emphasized the UAE’s economic ties to other nations around the world.
“Our financial relations with different nations have reinforced, with exchange expanding by 10% with India, 15% with Turkey, and 41 percent with Iraq, making Iraq the top objective for UAE trades, trailed by India, Turkey, and others.” “While the worldwide development rate for unfamiliar exchange is around 1.5 percent, our unfamiliar exchange has become by 11.2 percent every year, as we keep on progressing toward our objectives,” he added.
“Who cultivated exceptional international relations with countries around the world, and through the tireless efforts of thousands of teams from both the public and private sectors,” the Ruler concluded, thanking Sheikh Mohammed bin Zayed Al Nahyan for his support.
“The banner ascents, the country and the district thrive, and our future is more brilliant, higher, and seriously encouraging,” said the pioneer as he finished his post. a rise in trade The UAE’s non-oil products to its main 10 exchange accomplices became by 28.7 percent, while any remaining countries saw a 12.6 percent expansion in exchange. In the first half of 2024, gold, jewelry, cigarettes, oils, aluminum, copper wires, printed materials, silver, the iron industries, perfumes, and perfumes topped the list of the UAE’s most important export categories.
Together, these categories increased by 36.8% over the same time period in 2023. Other goods increased by 1%. In the first half of 2024, re-exports totaled Dh345.1 billion, an increase of 11.2% when compared to the same period in 2022 and 2.7% when compared to the same period in 2023. Re-sends out with key exchanging accomplices all developed, especially Saudi Arabia, Iraq, India, the US, Kuwait, and Qatar.
Due to an increase in the number of telephone device reexports, Kazakhstan joined the list of leading re-export partners and nearly doubled its growth. Re-exports with the top ten trading partners increased by 7.6% overall. Diamonds and telephones were the most frequently re-exported goods, with aircraft parts, automobiles, and goods transport vehicles experiencing the greatest growth. In the first half of 2024, non-oil imports from the UAE approached Dh800 billion.
These imports increased by 34.6% and 11.3%, respectively, over the same time period in 2022 and 2023, respectively. Re-exportation accounts for a significant portion of these imports. Over 48.7% of all imports came from the top ten markets, which saw a 7.2% increase in imports. Compared to the same period in 2023, imports from other countries, which account for 51.3% of UAE imports, increased by 15.4% in the first half of 2024.
