UAE Foreign Trade Reaches $1.42 Trillion in 2024 Amid Global Challenges

UAE Hits $1.42 Trillion in Foreign Trade for 2024, Reinforces Status as Global Trade Powerhouse

The UAE recorded an outstanding 5.23 trillion dirhams ($1.42 trillion) in total international commerce in 2024, despite a challenging global economic environment. This number, which shows a notable 49% increase over 2021, demonstrates the stability and strength of the UAE’s diverse economy.

The UAE Government Media Office highlighted data from the World Trade Organization’s World Trade Outlook and Statistics report, which showed that the country’s trade surplus was 492.3 billion dirhams, with exports of goods and services exceeding imports. With Dh2.22 trillion in merchandise exports and Dh646.6 billion in service exports, the UAE ranks 11th in the world for merchandise exports and 13th for services.

On the import side, the UAE brought in Dh1.98 trillion worth of goods and Dh389.4 billion in services. In particular, the UAE played a key role as a trade gateway to the Middle East in 2024, accounting for 41.4% of all goods exported from the region.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai, Prime Minister and Vice President, highlighted the UAE’s strong commitment to connectivity, transparency and the unfettered movement of finance and trade, which has established the country as a key link between the East and the West. As a result of this integration agenda, the UAE is now a key hub in the global economic system.

Strong trade performance is closely tied to the UAE’s economic diversification strategy, which aims to reduce its dependence on oil and strengthen other sectors. A key element of this approach is the Comprehensive Economic Partnership Agreement (CEPA) programme. In 2024 alone, the UAE activated CEPAs with countries including India, Israel, Turkey, Indonesia, Cambodia, Georgia, Costa Rica, and Mauritius. Additional trade agreements with Colombia, South Korea, Australia, New Zealand, and Malaysia are pending ratification.

These trade pacts have opened new markets and deepened investment links, helping the UAE climb from 17th to 11th in merchandise exports and from 18th to 14th in imports globally since 2021. As a result, the UAE now contributes 2.5% to global merchandise exports and 2.2% to imports, according to the WTO.

Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi attributed these outcomes to the UAE’s adaptable policies, innovation-driven growth strategy, and strong international collaboration. He restated the nation’s resolve to integrate into international value chains and broaden its network of international trade.

The UAE’s economic momentum is expected to continue. In 2024, the UAE Central Bank recorded a GDP growth of 3.9%, largely driven by the non-oil sector. The stability in the country’s long-term economic trajectory is reflected in forecasts indicating additional growth of 4.7% in 2025 and 5.7% in 2026.

These accomplishments are especially noteworthy given the slow pace of international trade. Due to protectionist policies, including tariff increases by nations like the US, the WTO has lowered its prediction for global merchandise trade to 0.2% in 2025. Notwithstanding these challenges, the UAE is still growing, with its sophisticated infrastructure, advantageous location, and flexible policies acting as major advantages.

In summary, the UAE’s international trade performance in 2024 is a direct result of its strategic planning, diversified growth perspective, and increasing significance as a world trading leader that is resilient and flexible.