The UAE’s foreign trade hit a record Dh3 trillion ($815.7 billion) by the end of 2024, marking a 14.6% year-on-year growth, far outpacing global trade, which expanded by just 2%, according to World Trade Organization data.
HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, attributed the achievement to strategic initiatives, including Comprehensive Economic Partnership Agreements (CEPAs) spearheaded by President His Highness Sheikh Mohamed bin Zayed Al Nahyan. In a statement on X, Sheikh Mohammed said, “The CEPAs added Dh135 billion to our non-oil trade with partner nations—an exceptional 42% increase compared to the previous year.”
The UAE’s non-oil trade accounted for Dh2.99 trillion, with non-oil exports reaching Dh561.2 billion in 2024, up 27.6% from 2023. Key export commodities included gold, jewellery, petroleum-based oils, aluminium, copper wires, and iron products, achieving a 40.8% growth compared to 2023. The share of non-oil exports rose to 18.7% of total trade, up from 16.8% in 2023.
Trade with the UAE’s top 10 global partners increased by 10%, while trade with other nations grew by 19.2%. Non-oil exports under CEPA agreements totalled Dh135 billion, reflecting a 42.3% increase and representing 24% of total non-oil exports.
Re-exports also surged to Dh734.4 billion in 2024, up 7.3% from 2023 and 36.2% higher than 2021. Imports rose to Dh1.70 trillion, a 14.2% increase, driven by gold, mobile phones, petroleum oils, automobiles, jewellery, diamonds, and computers.
Sheikh Mohammed highlighted that the UAE has achieved 75% of its goal to reach Dh4 trillion in annual foreign trade by 2031, stating, “At this pace, we will reach it years ahead of schedule.” He emphasised the UAE’s focus on economic partnerships and long-term growth. “Success belongs to those who know exactly where they are headed,” he said, reinforcing the UAE’s vision for economic development beyond politics.
