Mohammed bin Rashid announces UAE’s foreign trade exceeds AED 3 trillion by end of 2024

Photo : Dubai Government Media Office

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced that the UAE has achieved a historic milestone in its foreign trade. By the end of 2024, the country’s foreign trade surpassed AED 3 trillion for the first time.

Sheikh Mohammed credited this success to the leadership of His Highness Sheikh Mohamed bin Zayed Al Nahyan, the President of the UAE. He stated that under Sheikh Mohamed’s leadership, the UAE has been achieving its economic and development goals faster than expected.

In a post on X (formerly Twitter), Sheikh Mohammed highlighted the efforts of Sheikh Mohamed bin Zayed in strengthening global economic ties. He wrote, “My brother, His Highness Sheikh Mohamed bin Zayed, has spent years strengthening economic ties with nations worldwide… Today, we see the results.”

He also pointed out that while global trade only grew by 2 percent in 2024, the UAE’s foreign trade expanded at an impressive rate of 14.6 percent—seven times the global average. He credited the Comprehensive Economic Partnership Agreements (CEPAs) as a major reason behind this achievement. These agreements added AED 135 billion to the UAE’s non-oil trade with partner countries, marking a 42 percent increase from the previous year.

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Sheikh Mohammed recalled that in 2021, the UAE set a goal of reaching AED 4 trillion in annual foreign trade by 2031. However, with 75 percent of this target already achieved by the end of 2024, he expressed confidence that the country will reach its goal years ahead of schedule.

He further emphasized that the UAE is shaping its economic future by prioritizing progress and partnerships over politics. He stated that the nation’s primary focus is to strengthen economic relations with countries worldwide because stability and prosperity go hand in hand.

“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 said.

The UAE’s non-oil foreign trade recorded remarkable growth, reaching nearly AED 3 trillion ($815.7 billion) by the end of 2024. This marks a 14.6 percent increase compared to 2023.

This growth was significantly higher than global trade trends. According to the World Trade Organization (WTO), global merchandise trade saw only a 2.4 percent increase in volume and 1.6 percent 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 percent, while trade with other countries increased by 19.2 percent in 2024 compared to the previous year.

A major contributor to this record-breaking trade performance was the increase in non-oil exports, which reached AED 561.2 billion in 2024. This represents a 27.6 percent rise from 2023. Non-oil exports now make up 18.7 percent of total foreign trade, an increase from 16.8 percent in 2023 and 14.1 percent in 2019.

The UAE’s exports to its top 10 trading partners grew by 37.1 percent, while exports to other nations increased by 13.4 percent. Non-oil exports under the CEPA agreements reached AED 135 billion, showing a 42.3 percent increase and accounting for 24 percent of total non-oil exports.

Among the top export commodities in 2024 were gold, jewellery, cigarettes, petroleum-based oils, aluminum, copper wires, printed materials, perfumes, and iron-based products. These exports collectively grew by 40.8 percent compared to 2023.

The re-export sector also experienced significant growth, reaching AED 734.4 billion in 2024. This represents a 7.3 percent increase from 2023 and is 14.1 percent and 36.2 percent higher than in 2022 and 2021, respectively.

Meanwhile, the UAE’s non-oil imports reached AED 1.701 trillion in 2024, reflecting a 14.2 percent increase from 2023. Imports from the top 10 trade partners grew by 6.7 percent, while imports from other nations increased by 22.3 percent.

Throughout 2024, the UAE imported more from major markets, with key imported goods including gold, mobile phones, petroleum oils, automobiles, jewellery, diamonds, and computers.

With this strong performance, the UAE continues to reinforce its position as a leading global trade hub, demonstrating its commitment to economic growth, innovation, and international collaboration.

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