UAE’s foreign trade hit new peak of $817bn in 2024

Wam

The UAE’s foreign trade expanded last year at seven times the global rate of 2 percent, vice president and prime minister Sheikh Mohammed bin Rashid told the the state-run Wam news agency on Wednesday.

Non-oil trade grew by 42 percent year on year to AED135 billion, supported by comprehensive economic partnership agreements (Cepas), accounting for 24 percent of the UAE’s total non-oil exports.

“In 2021, we set a goal of reaching AED4 trillion in annual foreign trade by 2031,” Sheikh Mohammed said.

“By the end of 2024, we have already achieved 75 percent of that target. At this pace, we will reach it years ahead of schedule.”

The UAE’s non-oil trade with its top 10 global partners grew by 10 percent year on year, while trade with other countries expanded by 19 percent annually in 2024.

Non-oil goods exports jumped to AED561 billion in 2024, a 27.6 percent increase from 2023. As a result, non-oil exports accounted for 19 percent of total foreign trade, up from 17 percent in 2023.

The UAE’s exports to its top 10 trade partners rose by 37 percent year on year, while exports to other countries saw a 13 percent yearly increase.

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Among the top export commodities were gold, jewellery, cigarettes, petroleum-based oils, aluminium, copper wires, printed materials, perfumes and iron-based products, achieving a 41 percent growth year on year.

The re-export sector reached AED734 billion last year, rising 7 percent from 2023.

The UAE’s non-oil imports hit AED1.7 trillion, up 14 percent from 2023. Imports from the top 10 trade partners rose by 6.7 percent, while imports from other nations grew by 22 percent.

Key imported goods include gold, mobile phones, petroleum oils, automobiles, jewellery, diamonds and computers.