UAE foreign trade reaches Dh5.23 trillion in 2024, up from Dh3.5 trillion in 2021

Al Etihad

20-04-2025

20 Apr 2025 15:20
DUBAI (WAM)The United Arab Emirates recorded total foreign trade of Dh5.23 trillion ($1.424 trillion) in 2024, a 49 percent increase from Dh3.5 trillion ($949 billion) in 2021, according to the World Trade Organisation's 'World Trade Outlook and Statistics' report.This robust growth reflects the UAE's strategic economic vision, reinforcing its position as the leading trade hub in the Middle East and Africa since 2014 and among the top 20 global trade centres for goods and services.In a global trade environment marked by 2.9 percent growth in merchandise trade and 6.8 percent in services trade in 2024, the UAE's performance underscores its resilience amid rising tariffs and uncertainties.His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, emphasised the UAE's role as a global trade hub, saying, 'In a world of economic and trade challenges, the UAE has prioritised openness, connectivity, and the free flow of trade, capital, and people, establishing itself as a vital link between East and West and a global economic centre.'H.H. Sheikh Mohammed bin Rashid Al Maktoum highlighted key achievements from the WTO report:• Foreign trade reached Dh5.23 trillion in 2024, with a trade surplus of Dh492.3 billion, positioning the UAE as a driver of international trade.• The UAE ranked 11th globally in merchandise exports and 13th in services exports.• Services exports totaled Dh646.6 billion, including Dh191 billion in digital services, comprising 30 percent of service exports.• Merchandise exports amounted to Dh2.22 trillion in 2024.• The UAE contributed 41.4 percent of the Middle East's merchandise exports, solidifying its role as the region's primary trade hub.H.H. Sheikh Mohammed bin Rashid Al Maktoum concluded, 'Under the leadership of the President, we will sustain and enhance these achievements. Our commitment to openness, trade liberalisation, and global connectivity will ensure continued growth and leadership.'The UAE's exceptional performance, as detailed in the WTO's report, demonstrates its economic resilience amid global trade uncertainties. Comprehensive foreign trade (goods and services) grew by 49 percent from 2021, reaching Dh5.23 trillion ($1.424 trillion) in 2024.Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, affirmed, 'Driven by visionary leadership and a commitment to economic openness, innovation, and global integration, the UAE has solidified its status as a global trade hub. Ranking 11th in merchandise exports and 13th in services exports, with a trade surplus of Dh492.3 billion, the UAE achieved merchandise exports of Dh2.22 trillion and services exports of Dh646.6 billion, including Dh191 billion in digital services, reflecting 30 percent growth and leadership in future-oriented sectors.'Al Zeyoudi added, 'These achievements stem from national efforts, flexible policies, and strong international partnerships. The UAE will continue to enhance its global role by facilitating trade, expanding collaborations, and integrating with global value chains.'The UAE achieved a trade balance surplus of Dh492.3 billion ($134 billion) in 2024, down slightly from Dh573.1 billion in 2023, reflecting stability amid global challenges. Exports totaled Dh2.8619 trillion, against imports of Dh2.3696 trillion, per 2021–2024 statistics.The UAE climbed from 17th to 11th globally in merchandise exports and from 18th to 14th in imports between 2021 and 2024, contributing 2.5 percent to global merchandise exports and 2.2 percent to imports. Exports reached $603 billion (Dh2.2153 trillion), and imports totalled $539 billion (Dh1.9802 trillion) in 2024.The UAE ranked 21st globally in digital services exports, valued at $52 billion (Dh191 billion) in 2024, up from $37 billion in 2021 and $48 billion in 2023. Total digital services trade reached $94 billion (Dh345 billion), comprising one-third of services trade. Digital services imports, at $42 billion (Dh154 billion), also ranked 21st, contributing 1.1 percent to global imports, reinforcing the UAE's role as a technology hub.Services trade totalled Dh1.036 trillion ($282 billion) in 2024, with exports of Dh646.6 billion (62.4 percent) and imports of Dh389.4 billion. Information services grew by 14 percent, tourism by 13 percent, computer services by 12 percent, financial services by 9 percent, and transport, intellectual property, and insurance services by 8 percent each, contributing 26.4 percent to global trade, the highest share since 2005.The UAE accounted for 41.4 percent of the Middle East's $1.5 trillion merchandise exports, with regional exports growing by 3.7 percent and services by 4.1 percent in 2024. Globally, the UAE contributed 2 percent to services exports and 1.3 percent to imports, with service exports of $176 billion (Dh646.6 billion) and imports of $106 billion (Dh389.4 billion).The UAE advanced from 17th to 13th in services exports and from 19th to 21st in services imports between 2021 and 2024, with services comprising 20 percent of total trade.In 2024, merchandise sectors grew, with office equipment and telecommunications at 10 percent, electronics at 6 percent, and agricultural products, food, and clothing at 3 percent each. Industrial goods rose by 2 percent, and chemicals and textiles by 1 percent, while fuel and mining products fell by 7 percent, iron and steel by 6 percent, and automobiles by 1 percent. Global merchandise exports grew by 2 percent, reaching $24.43 trillion.
The UAE's achievements reflect its strategy of innovation and diversification, positioning it to navigate a forecasted 0.2 percent decline in global merchandise trade in 2025. Contributing to a 1.6 percent regional GDP growth in 2024, with projections of 3.2 percent in 2025 and 3.5 percent in 2026, the UAE remains resilient. Its economic policies, strategic location, and advanced infrastructure solidify its role as a global trade hub.