Latest news with #AED492.3
Zawya
21-04-2025
- Business
- Zawya
UAE foreign trade reaches $1.4trln in 2024, up from $949bln in 2021
DUBAI:The United Arab Emirates recorded total foreign trade of AED5.23 trillion (US$1.424 trillion) in 2024, a 49 percent increase from AED3.5 trillion (US$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, 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.' H.H. Sheikh Mohammed bin Rashid Al Maktoum 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 percent of service exports. • Merchandise exports amounted to AED2.22 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 AED5.23 trillion (US$1.424 trillion) in 2024. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, 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 AED492.3 billion, the UAE achieved merchandise exports of AED2.22 trillion and services exports of AED646.6 billion, including AED191 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 AED492.3 billion (US$134 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 percent to global merchandise exports and 2.2 percent to imports. Exports reached US$603 billion (AED2.2153 trillion), and imports totalled US$539 billion (AED1.9802 trillion) in 2024. The UAE ranked 21st globally in digital services exports, valued at US$52 billion (AED191 billion) in 2024, up from US$37 billion in 2021 and US$48 billion in 2023. Total digital services trade reached US$94 billion (AED345 billion), comprising one-third of services trade. Digital services imports, at US$42 billion (AED154 billion), also ranked 21st, contributing 1.1 percent to global imports, reinforcing the UAE's role as a technology hub. Services trade totalled AED1.036 trillion (US$282 billion) in 2024, with exports of AED646.6 billion (62.4 percent) and imports of AED389.4 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 US$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 US$176 billion (AED646.6 billion) and imports of US$106 billion (AED389.4 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 US$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.
Yemen Online
21-04-2025
- Business
- Yemen Online
UAE foreign trade reaches AED5.23 trillion in 2024
The UAE foreign trade touched AED5.23 trillion ($1.424 trillion) in 2024, a 49 per cent increase from AED3.5 trillion ($949 billion) in 2021, according to the World Trade Organisation's latest report. The 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 per cent growth in merchandise trade and 6.8 per cent 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." In a post on his official social media handle, Sheikh Mohammed highlighted key achievements from the WTO report. He said "the UAE exported goods worth AED 2.2 trillion in 2024, marking a 6 per cent growth over the previous year" and recorded 41 per cent of the total commodity exports in the region. The country also "exported services worth AED 650 billion in 2024, of which AED 191 billion were digital services, representing 30 per cent of total service exports". "Our commitment to openness, trade liberalisation, and global connectivity will ensure continued growth," Sheikh Mohammed added. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, highlighted that "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 AED492.3 billion, the UAE achieved merchandise exports of AED2.22 trillion and services exports of AED646.6 billion, including AED191 billion in digital services, reflecting 30 percent growth and leadership in future-oriented sectors. "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."
Trade Arabia
20-04-2025
- Business
- Trade Arabia
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.
Sharjah 24
20-04-2025
- Business
- Sharjah 24
UAE foreign trade hits AED5.23 trillion in 2024
Reinforcing regional and global trade leadership This significant growth reinforces the UAE's position as the top trade hub in the Middle East and Africa since 2014, and one of the world's top 20 centres for goods and services trade. The country's performance highlights resilience amid global uncertainties and increasing tariffs. Sheikh Mohammed highlights UAE's trade strategy His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, emphasised the UAE's focus on openness, global connectivity, and free trade as a means of strengthening its global role. He noted that the UAE acts as a key link between East and West. Key trade statistics and rankings The WTO report highlighted several milestones: Total foreign trade: AED5.23 trillion in 2024 Trade surplus: AED492.3 billion 11th globally in merchandise exports 13th globally in services exports AED646.6 billion in services exports, with AED191 billion from digital services AED2.22 trillion in merchandise exports 41.4% share of the Middle East's merchandise exports Continued commitment to growth and connectivity Sheikh Mohammed affirmed the UAE's long-term strategy under the leadership of the President to maintain trade momentum and deepen global economic ties. Minister Al Zeyoudi on trade vision Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, credited national vision, open economic policies, and international partnerships for the UAE's rising status. He reiterated the country's intent to lead in digital services and integrate with global value chains. Surplus and trade performance details In 2024, the UAE achieved a trade surplus of AED492.3 billion, with exports at AED2.8619 trillion and imports at AED2.3696 trillion. The UAE climbed to 11th in merchandise exports and 14th in imports globally between 2021 and 2024. Growth in digital and services trade Digital services exports reached US$52 billion (AED191 billion), ranking the UAE 21st globally. Total digital trade stood at US$94 billion. The UAE's services trade totaled AED1.036 trillion, driven by strong growth in information, tourism, computing, and financial services. Regional and global trade contributions The UAE contributed 41.4% of the Middle East's US$1.5 trillion merchandise exports in 2024. It represented 2% of global services exports and 1.3% of services imports. Sectoral growth in merchandise trade In 2024, merchandise growth was led by: Office equipment and telecom: 10% Electronics: 6% Food and agriculture: 3% Industrial goods: 2% Chemicals and textiles: 1% Declines were seen in: Fuel and mining products: -7% Iron and steel: -6% Automobiles: -1% Global merchandise trade reached US$24.43 trillion, growing by 2%. Looking ahead: Resilience amid global challenges Despite a forecasted 0.2% global trade contraction in 2025, the UAE's innovation, diversified economy, and strategic location position it for continued leadership. Regional GDP is expected to grow by 3.2% in 2025 and 3.5% in 2026, with the UAE contributing significantly through sound economic planning and infrastructure development.
Dubai Eye
20-04-2025
- Business
- Dubai Eye
UAE foreign trade reaches AED5.23 trillion in 2024
News Home More from Business The UAE foreign trade touched AED5.23 trillion ($1.424 trillion) in 2024, a 49 per cent increase from AED3.5 trillion ($949 billion) in 2021, according to the World Trade Organisation's latest report. The 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 per cent growth in merchandise trade and 6.8 per cent 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." In a post on his official social media handle, Sheikh Mohammed highlighted key achievements from the WTO report. He said "the UAE exported goods worth AED 2.2 trillion in 2024, marking a 6 per cent growth over the previous year" and recorded 41 per cent of the total commodity exports in the region. The country also "exported services worth AED 650 billion in 2024, of which AED 191 billion were digital services, representing 30 per cent of total service exports". "Our commitment to openness, trade liberalisation, and global connectivity will ensure continued growth," Sheikh Mohammed added. في عالم يشهد تحديات اقتصادية وتجارية كبرى .. اختارت الإمارات منذ البداية نهج الانفتاح .. وبناء الجسور .. وحرية حركة التجارة وحركة الأموال وحركة الناس .. لتصبح اليوم جسراً بين الشرق والغرب .. ومركزاً اقتصادياً عالمياً .. وحسب آخر تقرير لمنظمة التجارة العالمية تم نشره قبل أيام :… — HH Sheikh Mohammed (@HHShkMohd) April 20, 2025 Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, highlighted that "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 AED492.3 billion, the UAE achieved merchandise exports of AED2.22 trillion and services exports of AED646.6 billion, including AED191 billion in digital services, reflecting 30 percent growth and leadership in future-oriented sectors. "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." Coming Up on Dubai Eye The Music Mix 11:00pm - 6:00am Enjoy your favourite music back to back commercial free, tune in to the Music Mix everyday from 1 until 2 for the music you love and the news updates you need The Business Breakfast 6:00am - 10:00am The Business Breakfast is the day's must listen for the UAE's business leaders, and those who aspire to be. UAE President Sheikh Mohamed Bin Zayed Al Nahyan's visit to the USA UAE President Sheikh Mohamed Bin Zayed Al Nahyan's visit to the US to boost economic and technology ties including AI. New iPhone Launch - Too Soon For Apple? Apple Inc. shares fell Monday after a closely followed analyst warned that demand for the firm's new iPhone 16 Pro model has been lower than expected. Is this a sign that the AI software just isn't ready? Working From Home or Hardly Working? Does working from home kill productivity or can it benefit staff by giving them more flexibility and a better work/life balance? On Dubai Eye Is There Sufficient House Supply In UAE Dubai's current population is more than double compared to almost twenty years ago, which now stands at 3.7 million. Lots of families are also moving to the UAE now. So what does it mean for the property market? Noon's First Female Delivery Driver Glory Ehirim Nkiruka is Noon's first ever female delivery driver. In her first ever interview, she explained why she loves her job, despite the heat!
