The United Arab Emirates (UAE) has reached a new economic milestone, with its foreign trade exceeding AED 3 trillion ($815.7 billion) for the first time in 2024, a 14.6% year-on-year increase, outpacing global trade growth by seven times. The achievement was announced by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai.
In a statement shared on social media platform X (formerly Twitter), Sheikh Mohammed credited UAE President Sheikh Mohamed bin Zayed Al Nahyan for strengthening international economic ties, which have significantly contributed to this record-breaking trade performance.
“My brother, His Highness Sheikh Mohamed bin Zayed, has spent years strengthening economic ties with nations worldwide… Today, we see the results,” Sheikh Mohammed wrote.
Exceptional Growth in Non-Oil Trade
The UAE’s non-oil foreign trade reached AED 2.997 trillion ($815.7 billion) by the end of 2024, growing 14.6% from 2023. The Comprehensive Economic Partnership Agreements (CEPAs), spearheaded by Sheikh Mohamed bin Zayed, played a crucial role, contributing AED 135 billion ($36.7 billion) to the UAE’s non-oil trade, marking a 42% year-on-year increase.
The country’s non-oil exports surged to AED 561.2 billion ($152.8 billion), a 27.6% rise compared to the previous year, now accounting for 18.7% of total trade, up from 16.8% in 2023.
Key export commodities included:
- Gold
- Jewelry
- Petroleum-based oils
- Aluminium
- Copper wires
- Perfumes
- Iron-based products
These products saw a combined growth of 40.8% year-on-year.
Meanwhile, the UAE’s re-export sector also demonstrated strong performance, reaching AED 734.4 billion ($200 billion), a 7.3% increase from 2023.
Outpacing Global Trade Trends
The UAE’s robust trade performance contrasts sharply with global trade trends. According to the World Trade Organization (WTO), global merchandise trade grew by only 2.4% in volume and 1.6% in value from January to September 2024.
By comparison, the UAE’s trade with its top 10 global partners grew by 10%, while trade with other nations expanded by 19.2% in 2024.
Imports Growth and Future Projections
The UAE’s non-oil imports also recorded a 14.2% increase, reaching AED 1.701 trillion ($463.4 billion) in 2024. Key imported goods included:
- Gold
- Mobile phones
- Petroleum oils
- Automobiles
- Jewelry and diamonds
- Computers
Imports from the UAE’s top 10 trading partners rose by 6.7%, while imports from other nations increased by 22.3%, reflecting diversified global sourcing.
UAE on Track to Achieve AED 4 Trillion Trade Target Ahead of Schedule
Sheikh Mohammed highlighted that the UAE is ahead of schedule in its long-term economic goals.
“In 2021, we set a target of AED 4 trillion in foreign trade by 2031. By the end of 2024, we have already achieved 75% of that goal,” he said.
With its strategic trade policies and international partnerships, the UAE is expected to surpass the AED 4 trillion milestone well before 2031.
“The UAE has a clear vision and bold ambitions. In this world, success belongs to those who know exactly where they are headed,” Sheikh Mohammed concluded.
Facebook
Twitter
Instagram
LinkedIn
RSS