Latest news with #Dh191
Al Etihad
20-04-2025
- Business
- Al Etihad
UAE foreign trade reaches Dh5.23 trillion in 2024, up from Dh3.5 trillion in 2021
20 Apr 2025 15:20 DUBAI (WAM)The United Arab Emirates recorded total foreign trade of Dh5.23 trillion ($1.424 trillion) in 2024, a 49 percent increase from Dh3.5 trillion ($949 billion) in 2021, according to the World Trade Organisation's 'World Trade Outlook and Statistics' 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 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 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.'H.H. Sheikh Mohammed bin Rashid Al Maktoum highlighted key achievements from the WTO report:• Foreign trade reached Dh5.23 trillion in 2024, with a trade surplus of Dh492.3 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 Dh646.6 billion, including Dh191 billion in digital services, comprising 30 percent of service exports.• Merchandise exports amounted to Dh2.22 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 Dh5.23 trillion ($1.424 trillion) in of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, 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 Dh492.3 billion, the UAE achieved merchandise exports of Dh2.22 trillion and services exports of Dh646.6 billion, including Dh191 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 Dh492.3 billion ($134 billion) in 2024, down slightly from Dh573.1 billion in 2023, reflecting stability amid global challenges. Exports totaled Dh2.8619 trillion, against imports of Dh2.3696 trillion, per 2021–2024 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 $603 billion (Dh2.2153 trillion), and imports totalled $539 billion (Dh1.9802 trillion) in UAE ranked 21st globally in digital services exports, valued at $52 billion (Dh191 billion) in 2024, up from $37 billion in 2021 and $48 billion in 2023. Total digital services trade reached $94 billion (Dh345 billion), comprising one-third of services trade. Digital services imports, at $42 billion (Dh154 billion), also ranked 21st, contributing 1.1 percent to global imports, reinforcing the UAE's role as a technology trade totalled Dh1.036 trillion ($282 billion) in 2024, with exports of Dh646.6 billion (62.4 percent) and imports of Dh389.4 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 UAE accounted for 41.4 percent of the Middle East's $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 $176 billion (Dh646.6 billion) and imports of $106 billion (Dh389.4 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 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 $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.
Khaleej Times
20-04-2025
- Business
- Khaleej Times
UAE foreign trade hits over Dh5 trillion in 2024; 49% increase from 2021
The UAE's foreign trade surged to Dh5.23 trillion in 2024, marking a remarkable 49 per cent increase from Dh3.5 trillion (USD 949 billion) in 2021. The milestone, based on the latest figures from the World Trade Organisation (WTO), was announced on Sunday by Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. Sharing the news on social media, Sheikh Mohammed wrote: 'The UAE's foreign trade volume reached Dh5.23 trillion in 2024, with a trade surplus exceeding Dh490 billion, making the country a lever for international trade.' Service exports played a significant role in the UAE's trade performance last year, totalling Dh650 billion, with digital services alone accounting for Dh191 billion — or 30 per cent of all service exports. "This growth in digital trade highlights the country's successful digital transformation and investment in innovation-driven sectors," Sheikh Mohammed added. Meanwhile, goods exports reached Dh2.2 trillion, representing a 6 per cent growth compared to the previous year. Sheikh Mohammed emphasised the UAE's dominant regional position, stating: 'The UAE now accounts for 41 per cent of the Middle East's total commodity exports, confirming its leadership as the region's primary trade centre.' The Dubai Ruler credited the UAE's achievements to its consistent policy of economic openness, international collaboration, and unrestricted movement of trade, capital, and people. "In a world facing major economic and trade challenges, the UAE has chosen from the outset an approach of openness, bridge-building, and freedom of movement of trade, money, and people. Today, it has become a bridge between East and West... and a global economic centre," he said. He also praised the efforts of President Sheikh Mohamed for sustaining the UAE's direction of economic advancement. 'Praise be to God, the achievement will continue,' he said. 'With the follow-up of my brother, the President of the State, we will preserve and enhance the gains.' The Dubai Ruler reaffirmed the UAE's ongoing strategy of openness and economic integration, adding, 'By maintaining our approach of openness, trade liberalisation, and building bridges, growth and leadership will remain our ally, God willing.' Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, echoed the sentiment, highlighting the UAE's rising global trade rankings. '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,' he said. According to the minister, the UAE ranked 11th globally in merchandise exports and 13th in services exports last year, with a trade surplus of Dh492.3 billion. This included merchandise exports worth Dh2.22 trillion and services exports of Dh646.6 billion, with digital services making up Dh191 billion. '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," Al Zeyoudi added.
Gulf News
20-04-2025
- Business
- Gulf News
UAE foreign trade surges to Dh5.23 trillion in 2024
Dubai: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has announced that the UAE's foreign trade volume reached Dh5.23 trillion in 2024, with a trade surplus exceeding Dh490 billion. On his X official account, Sheikh Mohammed also revealed that in 2024, the UAE exported services worth Dh 650 billion, including Dh191 billion in digital services, which accounted for 30% of total service exports. Citing the latest data from the World Trade Organization, Sheikh Mohammed added that the UAE exported goods worth Dh2.2 trillion in 2024, representing a 6 percent increase over the previous year. The UAE now accounts for 41 percent of the Middle East's total merchandise exports, reaffirming its position as the region's leading trading hub. 'In a world facing major economic and commercial challenges, the UAE chose, from the very beginning, a path of openness—building bridges, and enabling the free movement of trade, capital, and people,' Sheikh Mohammed wrote. 'Today, the UAE stands out as a vital bridge between East and West, and a dynamic global economic hub,' he added. 'By the grace of Allah, this journey of progress will continue. Under the leadership of the UAE President, we will preserve these achievements and continue to build upon them.'
