Latest news with #Dh492.3
The National
20-04-2025
- Business
- The National
UAE foreign trade hits $1.42 trillion in 2024 despite global uncertainties
Foreign trade of the UAE was worth Dh5.23 trillion ($1.42 trillion) last year, a 49 per cent jump from the levels achieved in 2021 as the Arab world's second largest economy continues to forge trade partnerships despite uncertainties that mar the global trade. The Emirates achieved a total trade surplus of Dh492.3 billion in 2024 as the country's exports exceeded imports in the 12 months to the end of December, the UAE Government Media Office said on Sunday, quoting data from the latest World Trade Organisation report. Merchandise exports during the past year reached Dh2.22 trillion, while service exports totalled Dh646.6 billion, with the UAE ranked 11th globally in merchandise exports and 13th in services exports, according to the WTO's World Trade Outlook and Statistics, report. The country's merchandise imports totalled Dh1.98 trillion last year, while service imports reached Dh389.4 billion. The UAE also accounted for 41.4 per cent of the Middle East's total merchandise exports in 2024. '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 bin Rashid, Vice President, Prime Minister and Ruler of Dubai, said in a post on X on Sunday. The UAE is putting special emphasis on strengthening its trade ties as part of its economic diversification efforts. The Emirates signed several Comprehensive Economic Partnership Agreements (Cepas) last year as it deepened its trade and investment relations from nations across the continents. The UAE's economy grew by 3.9 per cent in 2024, its central bank has said this month, driven by growth momentum in the country's non-oil sectors amid the push for diversification. The banking regulator expects the country's gross domestic product to increase by 4.7 per cent in 2025 and by 5.7 per cent in 2026. The country's Cepa with partners such as India, Israel, Turkey, Indonesia, Cambodia, Georgia, Costa Rica and Mauritius have already taken effect. Trade deals with a number of countries including Colombia, South Korea, Australia, New Zealand and Malaysia and others are awaiting ratification. 'These achievements stem from national efforts, flexible policies, and strong international partnerships,' said Dr Thani Al Zeyoudi, Minister of State for Foreign Trade. 'The UAE will continue to enhance its global role by facilitating trade, expanding collaborations, and integrating with global value chains.' 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 per cent to global merchandise exports and 2.2 per cent to imports, according to the latest WTO data. The UAE's expansion of trade ties comes as push for tariffs by US President Donald Trump has dented prospects of global trade growth this year and added uncertainty to the global economic outlook. Washington's insistence on heavy duties on its trade partners has also soured investment sentiment. Last week, the World Trade Organisation said new tariffs and uncertainty has added 'severe downside risks' to global trade. The WTO currently predicts global goods trade to fall by 0.2 per cent this year after previously forecasting it to grow by 2.7 per cent. 'The UAE's achievements reflect its strategy of innovation and diversification, positioning it to navigate a forecast 0.2 per cent decline in global merchandise trade in 2025,' the UAE Government Media Office statement said. 'Contributing to a 1.6 per cent regional GDP growth in 2024, with projections of 3.2 per cent in 2025 and 3.5 per cent in 2026, the UAE remains resilient. Its economic policies, strategic location, and advanced infrastructure solidify its role as a global trade hub.'
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.
