The UAE’s foreign trade reached a record $817 billion (AED 3 trillion) in 2024, expanding at seven times the global trade growth rate of 2%, according to Vice President and Prime Minister Sheikh Mohammed bin Rashid. This significant growth was fueled by strong non-oil trade performance, supported by Comprehensive Economic Partnership Agreements (Cepas) and increased global demand for UAE exports.
Strong Growth in Non-Oil Trade
The UAE’s non-oil trade expanded by 42% year on year, reaching AED 135 billion. Cepas played a crucial role in driving this surge, contributing to 24% of the country’s total non-oil exports. The nation’s non-oil exports surged to AED 561 billion, marking a 27.6% increase from 2023. This resulted in non-oil exports accounting for 19% of total foreign trade, up from 17% the previous year.
Trade with the UAE’s top 10 global partners recorded a 10% annual growth, while trade with other nations surged by 19%. Exports to the UAE’s top 10 trading partners grew by 37%, whereas exports to other countries increased by 13% year on year.
Top Export and Import Commodities
The UAE’s key exports included gold and jewellery, cigarettes, petroleum-based oils, aluminium, copper wires, printed materials, perfumes, and iron-based products. These commodities achieved a 41% year-on-year growth, reflecting the UAE’s strength in manufacturing and industrial exports.
On the import side, the UAE’s non-oil imports surged 14% to AED 1.7 trillion. Imports from top 10 trade partners rose by 6.7%, while imports from other countries jumped 22%. Among the top imported goods were gold, diamonds, mobile phones, computers, petroleum oils, automobiles, and jewellery.
Re-Export Sector and Future Outlook
The UAE’s re-export sector grew 7% year on year, reaching AED 734 billion in 2024. With its strategic trade policies, the country continues to strengthen its position as a global trade hub.
Sheikh Mohammed bin Rashid reaffirmed the UAE’s long-term trade vision, stating:
“In 2021, we set a goal of reaching AED 4 trillion in annual foreign trade by 2031. By the end of 2024, we have already achieved 75% of that target. At this pace, we will reach it years ahead of schedule.”
As the UAE expands global trade agreements and enhances non-oil exports, its future growth trajectory remains strong, setting the stage for even greater economic achievements in the coming years.
