UAE foreign trade at AED3 T by end of 2024: Mohammed bin Rashid

Sharjah 24: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, announced that UAE foreign trade reached an unprecedented AED3 trillion by the end of 2024.

Strategic goals achieved under Sheikh Mohamed bin Zayed's leadership

Sheikh Mohammed praised the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan for driving the nation’s rapid economic and developmental progress, surpassing expectations.

Strengthening economic ties: Results of years of effort

Sheikh Mohammed expressed that President Sheikh Mohamed bin Zayed’s years of strengthening global economic partnerships have led to impressive results, as reflected in the record trade growth.

UAE’s foreign trade outperforms global growth

In 2024, global trade grew by only 2 percent, while UAE foreign trade expanded 14.6 percent, seven times the global rate.

Growth driven by comprehensive economic partnership agreements

The Comprehensive Economic Partnership Agreements (CEPAs) contributed AED135 billion to non-oil trade, a 42 percent increase compared to the previous year, further boosting the UAE’s trade performance.

UAE on track to exceed 2031 trade goals

Sheikh Mohammed highlighted that the UAE has already achieved 75 percent of its target to reach AED4 trillion in annual foreign trade by 2031, positioning the nation to reach this goal ahead of schedule.

Focusing on progress and global partnerships

Emphasising the importance of progress over politics, Sheikh Mohammed reaffirmed the UAE's focus on strengthening international economic partnerships for prosperity and stability.

Record-breaking non-oil foreign trade performance

The UAE’s non-oil foreign trade reached AED2.997 trillion in 2024, a 14.6 percent increase from 2023, surpassing global trade trends.

Expanding trade with global partners and non-oil exports

The UAE’s non-oil trade with its top 10 global partners grew by 10 percent, while exports saw a remarkable 27.6 percent rise, with gold, jewelry, petroleum-based oils, and aluminum leading the way.

Boost in re-exports and non-oil imports

Re-exports surged to AED734.4 billion in 2024, and non-oil imports increased by 14.2 percent, with key imports including gold, mobile phones, and automobiles.