UAE's foreign trade surges 49pc to $1.4 trillion in 2024
The UAE had recorded total foreign trade of AED5.23 trillion ($1.424 trillion) in 2024, thus posting a 49% increase from AED3.5 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% growth in merchandise trade and 6.8% in services trade in 2024, the UAE's performance underscores its resilience amid rising tariffs and uncertainties, reported Wam.
Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister 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."
Sheikh Mohammed highlighted key achievements from the WTO report:
•Foreign trade reached AED5.23 trillion in 2024, with a trade surplus of AED492.3 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 AED646.6 billion, including AED191 billion in digital services, comprising 30% of service exports.
•Merchandise exports amounted to AED2.22 trillion in 2024.
•The UAE contributed 41.4% of the Middle East's merchandise exports, solidifying its role as the region's primary trade hub.
"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," he added.
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% from 2021, reaching AED5.23 trillion ($1.424 trillion) in 2024.
Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said: "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."
"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," stated Al Zeyoudi.
The UAE achieved a trade balance surplus of AED492.3 billion in 2024, down slightly from AED573.1 billion in 2023, reflecting stability amid global challenges. Exports totaled AED2.8619 trillion, against imports of AED2.3696 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% to global merchandise exports and 2.2% to imports.
Exports reached $603 billion and imports totalled $539 billion in 2024, said the Wam report.
The UAE's achievements reflect its strategy of innovation and diversification, positioning it to navigate a forecasted 0.2% decline in global merchandise trade in 2025.
Contributing to a 1.6% regional GDP growth in 2024, with projections of 3.2% in 2025 and 3.5% in 2026, the UAE remains resilient. Its economic policies, strategic location, and advanced infrastructure solidify its role as a global trade hub.
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