UAE's Non-Oil Foreign Trade Reaches AED3 Trillion in 2024, Marking a 14.6% Growth
The UAE's non-oil foreign trade has reached an all-time high of AED2.997 trillion in 2024, marking a 14.6% annual increase compared to 2023, according to Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade.
The growth significantly outpaces the global trade average of 2.4%, underscoring the nation's robust economic strategy.
Dr. Al Zeyoudi highlighted that this milestone represents 75% of the AED4 trillion target set in the We the UAE 2031 vision, with seven years still remaining. A key driver of this growth is the increasing contribution of non-oil exports, which surged by 27.6% to reach AED561.2 billion. Exports now account for 18.7% of total trade, up from 16.8% in 2023 and 14.1% in 2019.
The minister attributed this progress to the UAE's diversification efforts, including investment in emerging economic sectors and the expansion of export markets. 'The expansion of foreign trade is the centrepiece of our national economic strategy,'
he stated, emphasizing the role of the Comprehensive Economic Partnership Agreement (CEPA) program in boosting trade ties.
In 2024, total exports to CEPA partner countries reached AED135 billion, marking a 42.3% increase. India and Türkiye emerged as the leading destinations for non-oil exports. Dr. Al Zeyoudi reaffirmed the UAE's commitment to expanding trade partnerships, stating, 'We look forward to adding more CEPA partners in 2025 and beyond to share in this success.'
The record trade figures reinforce the UAE's position as a global trade hub, reflecting its dynamic and resilient economy that remains open to international business, talent, and investment.
News Source: Emirates News Agency
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