UAE’s foreign trade reached a record high of $817 billion in 2024
Non-Oil Trade and Exports Surge Amid Economic Expansion
UAE’s Foreign Trade Achieves Record Growth in 2024
Exports to the UAE’s top 10 trading partners increased by 37.1% year-on-year, while exports to other countries saw a 13.4% increase year-on-year. Global trade grew by just 2% last year, while the UAE’s foreign trade expanded seven times that rate, as the Gulf nation achieves its strategic economic and development goals faster and more efficiently, Emirati Vice President and Prime Minister Sheikh Mohammed bin Rashid told the state-run WAM news agency on Wednesday.
Non-oil trade grew by 42% year-on-year to AED135 billion, supported by Comprehensive Economic Partnership Agreements (Cepas), which accounted for 24% of the UAE’s total non-oil exports.
Sheikh Mohammed stated, “We set a target in 2021 to reach AED4 trillion in annual foreign trade by 2031.”
We have already achieved 75% of that target by the end of 2024. If we continue at this rate, we will achieve it several years earlier than planned.
While trade with other countries increased by 19 percent in 2024, the UAE’s non-oil trade with the world’s top 10 trading partners rose by 10 percent.
In 2024, non-oil exports reached AED 561 billion, a 27.6% increase over 2023. As a result, non-oil exports increased from 17 percent in 2023 to 19 percent of overall foreign trade.
The UAE’s exports to its top 10 trading partners increased by 37 percent year-on-year, while exports to other countries increased by 13 percent year-on-year.
The top exports, which have grown by 41% annually, include gold, jewellery, cigarettes, petroleum oils, aluminium, copper wires, printed materials, perfumes, and iron and steel items.
Last year, the re-export sector rose by 7% to AED734 billion, compared to 2023.
Compared to 2023, the UAE’s non-oil imports increased by 14% to AED1.7 trillion. Imports from the top ten trading partners rose by 6.7%, while imports from other countries increased by 22%.
Major imports include computers, jewelry, diamonds, cars, petroleum fuels, gold, and cell phones.
