HE Dr Thani Al Zeyoudi, Minister of State for Foreign Trade2024 - Middle East Business News and Information
Statement on the 2024 non-oil foreign trade results.
'Guided by the strategic vision of the national leadership, the United Arab Emirates' foreign trade continues its remarkable upward trajectory. In 2024, our non-oil foreign trade reached an all-time high AED2.997 trillion, increasing by 14.6% on 2023 against a global trade growth average of around 2.4%. The milestone also means we have achieved 75% of the AED4 trillion target set in the 'We the UAE 2031' national vision with seven full years remaining.
'Of all the positive indicators, the most encouraging is the increasing contribution of non-oil exports to our foreign trade. Last year, they climbed 27.6% in to reach a record AED561.2 billion – nearly 70% of the AED800 billion target. Exports now comprise 18.7% of total trade, up from 16.8% in 2023 and 14.1% in 2019. These numbers confirm the pace and scale of our economic diversification plans, in which we are investing new economic sectors, creating new products for export, and establishing new means of long-term value creation.
'The expansion of foreign trade is the centerpiece of our national economic strategy and, through our Comprehensive Economic Partnership Agreement (CEPA) program, we are expanding opportunities for our private sector by enhancing access to high-growth markets around the world. In 2024, we have been able to see the positive impact of this program. Total exports to CEPA partner countries reached AED135 billion in 2024, an increase of 42.3% and contributing 24% of our total non-oil exports. India and Türkiye are the two leading destinations for non-oil exports.
'Importantly, the record trade figures posted in 2024 reflect the dynamism and agility of our economy, one that has remained open to the world's trade, talent and investment. Moreover, they underline the fact that we are not only on the right path but paving the way for others to follow – and we look forward to adding more CEPA partners in 2025 and beyond to share in this success.'
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