UAE's Foreign Trade Soars to AED 5.23 Trillion in 2024
This surge, highlighted in the World Trade Organization's (WTO) 'World Trade Outlook and Statistics' report, underscores the UAE's strategic economic vision and reinforces its position as the leading trade hub in the Middle East and Africa since 2014, and among the top 20 global trade centers.
In a year where global trade grew at a modest 2.9% for merchandise and 6.8% for services, the UAE's performance stands out as a testament to its resilience in the face of rising tariffs and global uncertainties. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, emphasized the nation's commitment to openness and connectivity, positioning the UAE as a crucial link between East and West.
Notable highlights from the report include the UAE's global rankings—11th in merchandise exports and 13th in services exports. Services exports reached AED 646.6 billion, with digital services accounting for 30%. Additionally, the UAE's trade surplus stood at AED 492.3 billion, reflecting a stable and robust trade balance despite global challenges.
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, attributed this growth to innovative leadership and strong international partnerships, ensuring that the UAE remains at the forefront of global trade, even as it faces challenges in the forecasted decline in global merchandise trade for 2025.
News Source: Emirates News Agency
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