The UAE’s foreign trade has reached a historic milestone, touching AED3tn ($817bn) for the first time by the end of 2024, said Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.
Sheikh Mohammed said that under the leadership of President Sheikh Mohamed bin Zayed Al Nahyan, the nation continues to achieve its strategic economic and developmental goals at a faster and more efficient rate than planned.
In a post on X, Sheikh Mohammed said: “My brother, His Highness Sheikh Mohamed bin Zayed, has spent years strengthening economic ties with nations worldwide… Today, we see the results.”
UAE foreign trade
He added that while global trade grew by just 2 per cent in 2024, the UAE’s foreign trade expanded at seven times that rate, achieving an impressive 14.6 per cent growth.
Sheikh Mohammed said: “The Comprehensive Economic Partnership Agreements (CEPAs), led by Sheikh Mohamed bin Zayed, added AED135bn ($36.8bn) to our non-oil trade with partner nations—an exceptional 42 per cent increase compared to the previous year.
“In 2021, we set a goal of reaching AED4tn ($1.1bn) in annual foreign trade by 2031. By the end of 2024, we have already achieved 75 per cent of that target. At this pace, we will reach it years ahead of schedule.”
He noted that the UAE is shaping its economic future, focusing on progress over politics, emphasising that the country’s priority is to strengthen economic partnerships with nations around the world—because prosperity is built on stability.
He said: “The UAE has a clear vision and bold ambitions. In this world, success belongs to those who know exactly where they are headed”.
In detail, the UAE’s non-oil foreign trade continued its upward trajectory, reaching a record-breaking AED2.997tn ($815.7bn) by the end of 2024, representing a 14.6 per cent growth compared to 2023.
This remarkable growth significantly outperformed global trade trends. According to World Trade Organisation (WTO) data, global merchandise trade saw limited growth of 2.4 per cent in volume and 1.6 per cent in value from January to September 2024 compared to the same period in 2023.
The UAE’s non-oil trade with its top 10 global partners grew by 10 per cent, while trade with other countries expanded by 19.2 per cent in 2024 compared to the previous year.
A key driver behind this record-breaking trade performance was the surge in non-oil goods exports, which soared to AED561.2bn ($153bn) in 2024, a 27.6 per cent increase from 2023.
This growth boosted non-oil exports’ share of total foreign trade to 18.7 per cent in 2024, up from 16.8 per cent in 2023 and 14.1 per cent in 2019.
The UAE’s exports to its top 10 trade partners grew by 37.1 per cent, while exports to other countries saw a 13.4 per cent increase.
The non-oil exports under the CEPA agreements totalled AED135bn ($36.8bn), reflecting a 42.3 per cent growth and accounting for 24 per cent of total non-oil exports.
Among the top export commodities in 2024 were:
- Gold
- Jewellery
- Cigarettes
- Petroleum-based oils
- Aluminium
- Copper wires
- Printed materials
- Perfumes
- Iron-based products
These exports collectively achieved a 40.8 per cent growth compared to 2023.
The re-export sector also saw significant gains, reaching AED734.4bn ($200bn) in 2024, an increase of 7.3 per cent from 2023 and 14.1 per cent and 36.2 per cent higher than in 2022 and 2021, respectively.
The UAE’s non-oil imports reached AED1.701tn ($463.1bn) in 2024, reflecting 14.2 per cent growth from 2023. Imports from the top 10 trade partners rose by 6.7 per cent, while imports from other nations grew by 22.3 per cent.
Throughout 2024, the UAE increased imports from major markets, with key imported goods including:
- Gold
- Mobile phones
- Petroleum oils
- Automobiles
- Jewellery
- Diamonds
- Computers
Source: Arabian Business
