While global trade grew by only 2 per cent in 2024, the UAE’s foreign trade expanded at a remarkable 14.6 per cent, outpacing the global average by seven times
The UAE’s foreign trade reached an unprecedented milestone in 2024, surpassing Dhs3tn for the first time, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, announced today.
In a post shared on social media platform X, Sheikh Mohammed attributed the country’s exceptional economic performance to the strategic leadership of UAE President Sheikh Mohamed bin Zayed Al Nahyan, stating that the nation has consistently exceeded its development goals at a faster rate than initially projected.
“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.
UAE’s foreign trade expanded at 14.6 per cent in 2024
While global trade grew by only 2 per cent in 2024, the UAE’s foreign trade expanded at a remarkable 14.6 per cent, outpacing the global average by seven times.
The country’s non-oil foreign trade reached Dhs2.997tn ($815.7n) by the end of the year, marking a 14.6 per cent increase compared to 2023.
Sheikh Mohammed credited the UAE’s comprehensive economic partnership agreements (CEPAs), which were spearheaded by Sheikh Mohamed bin Zayed, for contributing Dhs135bn to the nation’s non-oil trade. This represented a 42 per cent year-on-year increase.
“At this pace, we will reach our 2031 goal of Dhs4tn in annual foreign trade years ahead of schedule,” Sheikh Mohammed noted. “In 2021, we set a target of Dhs4tn by 2031, and by the end of 2024, we have already achieved 75 per cent of that target.”
UAE versus global trade trends
The UAE’s trade performance in 2024 stood in stark contrast to global trade trends.
According to data from the World Trade Organization (WTO), global merchandise trade saw modest growth of 2.4 per cent in volume and 1.6 per cent in value between January and September 2024 compared to the same period in 2023.
A significant driver of the UAE’s strong trade performance was the surge in non-oil goods exports, which soared to Dhs561.2bn in 2024, marking a 27.6 per cent increase from the previous year.
As a result, non-oil exports now account for 18.7 per cent of the UAE’s total foreign trade, up from 16.8 per cent in 2023 and 14.1 per cent in 2019.
The UAE’s trade with its top 10 global partners grew by 10 per cent, while trade with other nations expanded by 19.2 per cent in 2024.
Non-oil exports under the CEPA agreements accounted for Dhs135bn, reflecting a 42.3 per cent increase and making up 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, and iron-based products, all of which saw a combined growth of 40.8 per cent compared to 2023.
In addition, the UAE’s re-export sector performed strongly, reaching Dhs734.4bn in 2024. This represented a 7.3 per cent increase from the previous year and was 14.1 per cent and 36.2 per cent higher than in 2022 and 2021, respectively.
On the imports side, the UAE’s non-oil imports grew by 14.2 per cent in 2024, reaching Dhs1.701tn.
Imports from the top 10 trade partners rose by 6.7 per cent, while imports from other nations increased by 22.3 per cent.
Key imported goods included gold, mobile phones, petroleum oils, automobiles, jewellery, diamonds, and computers.
Sheikh Mohammed emphasised that the UAE’s continued focus on building strong economic partnerships around the world is essential for its growth. “The UAE has a clear vision and bold ambitions. In this world, success belongs to those who know exactly where they are headed,” he said.
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