Mohammed bin Rashid: UAE's foreign trade hit all-time-high of AED3 trillion by end of 2024

 His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, said that the UAE's foreign trade has reached a historic milestone, touching AED3 trillion for the first time by the end of 2024.

His Highness Sheikh Mohammed bin Rashid said that under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, the nation continues to achieve its strategic economic and developmental goals at a faster and more efficient rate than planned.

In a post on X, His Highness Sheikh Mohammed said, "My brother, His Highness Sheikh Mohamed bin Zayed, has spent years strengthening economic ties with nations worldwide… Today, we see the results."

He added that while global trade grew by just 2 percent in 2024, the UAE's foreign trade expanded at seven times that rate, achieving an impressive 14.6 percent growth.

Sheikh Mohammed stated, "The Comprehensive Economic Partnership Agreements (CEPAs), led by Sheikh Mohamed bin Zayed, added AED135 billion to our non-oil trade with partner nations—an exceptional 42 percent increase compared to the previous year.

"In 2021, we set a goal of reaching AED4 trillion in annual foreign trade by 2031. 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."

He noted that the UAE is shaping its economic future, focusing on progress over politics, emphasising that the country's priority is to strengthen economic partnerships with nations around the world—because prosperity is built on stability.

"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.

In detail, the UAE's non-oil foreign trade continued its upward trajectory, reaching a record-breaking AED2.997 trillion ($815.7 billion) by the end of 2024, representing a 14.6 percent growth compared to 2023.

This remarkable growth significantly outperformed global trade trends. According to World Trade Organisation (WTO) data, global merchandise trade saw limited growth of 2.4 percent 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 expanded by 19.2 percent in 2024 compared to the previous year.

A key driver behind this record-breaking trade performance was the surge in non-oil goods exports, which soared to AED561.2 billion in 2024, a 27.6 percent increase from 2023. This growth boosted non-oil exports' share of total foreign trade to 18.7 percent in 2024, up from 16.8 percent in 2023 and 14.1 percent in 2019.

The UAE's exports to its top 10 trade partners grew by 37.1 percent, while exports to other countries saw a 13.4 percent increase. The non-oil exports under the CEPA agreements totalled AED135 billion, reflecting a 42.3 percent growth 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, which collectively achieved a 40.8 percent growth compared to 2023.

The re-export sector also saw significant gains, reaching AED734.4 billion in 2024, an increase of 7.3 percent from 2023 and 14.1 percent and 36.2 percent higher than in 2022 and 2021, respectively.

The UAE's non-oil imports reached AED1.701 trillion in 2024, reflecting 14.2 percent growth from 2023. Imports from the top 10 trade partners rose by 6.7 percent, while imports from other nations grew by 22.3 percent.

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

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