The UAE's foreign trade has reached an unprecedented AED 3 trillion by the end of 2024, marking a historic milestone in the nation's economic achievements.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, credited the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan for the accelerated growth, surpassing expectations.
In a statement on X, Sheikh Mohammed highlighted the strengthening of global economic ties under Sheikh Mohamed bin Zayed’s leadership, noting the results of years of focused effort. Despite global trade growth of only 2 percent in 2024, the UAE's foreign trade expanded at an impressive 14.6 percent, outpacing the global trend.
A major contributor to this growth has been the Comprehensive Economic Partnership Agreements (CEPAs), which added AED 135 billion to the UAE's non-oil trade, marking a 42 percent increase from the previous year. Sheikh Mohammed emphasized that the UAE is on track to achieve its 2031 target of AED 4 trillion in foreign trade years ahead of schedule, with 75 percent of that goal already met by 2024.
The UAE's non-oil exports surged to AED 561.2 billion, up 27.6 percent from 2023, while re-exports also saw significant growth, reaching AED 734.4 billion. Non-oil imports rose by 14.2 percent, highlighting a strong demand for goods from various sectors, including gold, electronics, and automobiles.
The UAE continues to prioritize economic partnerships globally, underscoring its vision of prosperity through stability and a clear path toward future success.
News Source: Emirates News Agency
