The UAE's non-oil foreign trade reached an all-time high of Dh1.4 trillion ($381.5 billion) in the first half of this year, reflecting the ongoing efforts of the Arab world’s second-largest economy to diversify and strengthen trade relations globally.

A 25% year-on-year increase in non-oil exports from the UAE contributed to an 11.2% annual growth in overall non-oil foreign trade, according to the Government Media Office on Sunday.

Non-oil exports contributed 18.4% to the UAE's total trade in the first half of this year, an increase from the 16.4% recorded during the same period last year, The National reports.

“The figures for the first half of 2024 show that our exports in just six months have equalled what we used to export in an entire year before the Covid-19 pandemic in 2019,” said Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai.

As part of its national economic objectives, the UAE is aiming to achieve Dh4 trillion in foreign trade by 2031. The country remains committed to diversifying its economic base and has strengthened its economic relationships with key trading partners.

Furthermore, the UAE has signed a series of Comprehensive Economic Partnership Agreements (Cepas) with rapidly growing economies in Asia, the Middle East, and Africa, which have significantly increased the volume of non-oil foreign trade in recent years. 

Indeed, the Emirates' Cepa program is projected to boost the country’s exports by 33% and add more than Dh153 billion to GDP by 2031.

The UAE plans to sign a total of 26 Cepas, and up to now agreements have been finalised with India, Turkey, Israel, Indonesia, Cambodia, and Georgia. Whilst negotiations are currently in progress with Serbia, Vietnam, the Philippines, New Zealand, and Ecuador.

Despite the global growth rate for foreign trade hovering around 1.5% in the first six months, the UAE’s double-digit expansion highlights the nation’s progress toward its trade and economic objectives, according to Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, in a statement released on Sunday.

“Our performance defies the global trend of slowing trade growth, ... [and the] achievement shows 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,” Dr Al Zeyoudi commented. 

“It’s clear that our Cepa programme is playing a central role in achieving these record results. We anticipate further growth, steering us toward our target of Dh4 trillion in non-oil foreign trade by 2031.”