20 January 2025
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UAE Trade update: Q3 2024

By Jeanne Walters

  • The value of UAE non-oil goods trade saw a marked rise in Q3, according to the latest figures published by the Federal Competitiveness and Statistics Centre (FCSC), growing 11.2% q/q.
  • Total non-oil goods trade reached just over AED 2tn year-to-date at the end of September 2024. The UAE aims to achieve AED 4tn in foreign trade by 2031, as part of the “We the UAE 2031” plan.
  • Both re-exports and value-added exports rose markedly in Q3 2024, jumping 11.6% q/q and 16.5% q/q, respectively.
  • The robust growth in value-added exports in recent quarters has caused a corresponding shift in the share of value-added exports in aggregate non-oil goods exports, rising from 39% in Q3 2023 to 48% in Q3 2024.
  • Saudi Arabia, Iraq and India continued to be the primary destinations for UAE re-exports, accounting for almost 30% of total re-exports in the latest quarterly data.
  • The three largest destinations markets for UAE value-added exports in Q3 2024 were India, Turkey, and Switzerland, together accounting for over 40% of Q3 value-added exports. These markets also saw the biggest change in value-added exports between Q2 and Q3 2024. The growth in value-added exports between Q2 and Q3 2024 was driven by a significant rise in value-added exports of pearls, stones, precious metals, jewelry & coins.
  • Growth in Q3 2024 was not just limited to the value of non-oil exports, with FCSC data showing imports into the UAE have also risen in recent quarters, growing 9.3% q/q to a value of AED 413bn in Q3.

    Download full report here

Written By

Jeanne Walters Senior Economist


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