https://arab.news/2e84m
- UAE’s foreign trade reached $379 billion during first half of 2024, reflecting significant rise in non-oil exports
- Shehbaz Sharif credits UAE president for ensuring Gulf country emerged as a reliable global trading partner
ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif has congratulated United Arab Emirates (UAE) President Sheikh Mohamed bin Zayed Al Nahyan for the Gulf country’s achievement of increasing its foreign trade by an impressive 11.2 percent year-on-year during the first half of 2024, noting that it reflects a growing international confidence in its vibrant economy.
The UAE’s foreign trade reached 1.39 trillion dirhams ($379 billion) during the first half of 2024, official data revealed, reflecting a significant rise in non-oil exports. This totaled 256.4 billion dirhams, up 25 percent from the previous year, according to a statement released by the government.
Additionally, non-oil exports to the UAE’s top 10 trading partners surged by 33.4 percent, underscoring the country’s growing trade prominence, the Emirates News Agency, also known as WAM, reported on Sunday.
“I extend my heartfelt congratulations to my brother, His Highness Sheikh Mohamed bin Zayed, on the occasion of the UAE achieving an 11 percent increase in foreign trade, reaching a value of AED 1.39 trillion ($379 billion) during the first half of 2024,” Sharif wrote on social media platform X on Sunday.
Sharif noted that the UAE has focused on foreign trade as part of its comprehensive economic strategy which has played an effective role in driving industrial growth, enhancing competitiveness and encouraging innovation.
He credited the UAE president for ensuring the Gulf country emerged as a reliable global trading partner.
“This impressive economic achievement is attributed to the dynamic leadership of His Highness Mohamed bin Zayed,” Sharif said. “It is a major step forward toward achieving his vision of transforming the UAE into a global trading hub.”
The UAE is Pakistan’s third-largest trading partner after China and the United States. Policymakers in Pakistan consider the Gulf state an optimal export destination due to its geographical proximity, which minimizes transportation and freight costs while facilitating commercial transactions.
The Gulf country is also home to some 1.5 million Pakistani expatriates and the second-largest source of remittances to the South Asian country, after Saudi Arabia.