UAE trade surges past pre-pandemic levels with strong non-oil growth

2024-12-04 08:36:29

(MENAFN) The UAE’s exports in the first half (H1) of 2024 exceeded pre-pandemic figures, with foreign trade reaching nearly AED1.4 trillion (USD380 billion) and non-oil exports showing a 25 percent increase.

With ambitions to achieve AED3 trillion in non-oil foreign trade by the end of 2024 and AED4 trillion by 2031, the UAE is advancing its goal of becoming a global trading hub, according to an analysis by Emirates News Agency (WAM) on the occasion of the 53rd Eid Al Etihad.

The national economy continues its rapid growth, establishing itself as one of the region’s and the world’s most competitive and dynamic economies.

The UAE approved the Union General Budget Plan for the fiscal year 2025, with revenues and expenditures each projected at AED71.5 billion, demonstrating a balanced fiscal approach.

Additionally, the Central Bank of the UAE (CBUAE) has revised its 2024 GDP growth forecast upward to 4 percent from a previous estimate of 3.9 percent, citing improved performance in the oil sector.

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