{"id":84275,"date":"2025-02-06T00:00:00","date_gmt":"2025-02-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2025\/02\/06\/the-uaes-non-oil-foreign-trade-hit-aed-3-tn-in-2024\/"},"modified":"2025-02-06T00:00:00","modified_gmt":"2025-02-06T00:00:00","slug":"the-uaes-non-oil-foreign-trade-hit-aed-3-tn-in-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2025\/02\/06\/the-uaes-non-oil-foreign-trade-hit-aed-3-tn-in-2024\/","title":{"rendered":"The UAE\u2019s non-oil foreign trade hit AED 3 tn in 2024"},"content":{"rendered":"

The UAE\u2019s non-oil foreign trade grew 14.6% y-o-y to AED 3 tn in 2024<\/strong>, outpacing global trade growth of just 2%, Prime Minister Sheikh Mohammed bin Rashid Al Maktoum said on X<\/a>. Economic partnership agreements contributed significantly, with non-oil exports under these partnerships rising by 42% y-o-y to AED 135 bn in 2024, Al Maktoum said. <\/p>\n

This marks a major step toward the UAE\u2019s goal of reaching AED 4 tn in annual foreign trade<\/strong> by 2031, with 75% of that target already achieved in 2024.<\/span><\/p>\n

Non-oil goods exports were the key drivers of growth<\/strong>, increasing by 27.6% y-o-y to AED 561.2 bn, accounting for 18.8% of total foreign trade last year, state news agency Wam<\/a> reports. The UAE\u2019s exports to its top 10 trade partners climbed by 37.1% y-o-y, while exports to other countries rose by 13.4% y-o-y. Major export commodities included gold, jewelry, cigarettes, aluminum, copper wires, printed materials, perfumes, and iron-based products. The re-export sector also grew by 7.3% y-o-y to AED 734.4 bn in 2024. <\/p>\n

Non-oil imports reached AED 1.7 tn in 2024, up 14.2% y-o-y from 2023<\/strong>. Imports from the country\u2019s top 10 trade partners grew by 6.7% y-o-y, while imports from other nations increased by 22.3% y-o-y. Key imports included gold, mobile phones, petroleum oils, automobiles, jewelry, diamonds, and computers.<\/p>\n

The trade figures align with the cabinet\u2019s 2024 projections<\/strong>, which saw foreign trade exceeding AED 2.8 tn<\/a> in 2024, with non-oil exports set to top AED 540 bn, imports over AED 1.6 tn, and re-exports crossing AED 700 bn. Non-oil foreign trade amounted to AED 3.5 tn<\/a> in 2023, while total foreign trade reached a record AED 4.5 tn<\/a> in the same year. <\/p>\n

Economic agreements surged in 2024:<\/strong> The UAE signed economic partnership agreements with New Zealand, Malaysia, and Kenya<\/a> last month, as well as Jordan and Serbia<\/a> in October, and agreed with India<\/a> to set up a food corridor during the same month. UAE also inked a free trade agreement in November with Australia<\/a> \u2014 the latter\u2019s first in the region \u2014 to remove tariffs and trade barriers, and has finalized negotiations with the Eurasian Economic Union<\/a> to set up an economic partnership back in December. Earlier last year, the country inked agreements with Colombia, Chile<\/a>, Costa Rica<\/a>, Mauritius<\/a>, Vietnam<\/a>, and South Korea<\/a> and finalized others, including with Ukraine<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Non-oil exports were the main contributors, with a total of AED 561.2 bn<\/p>\n","protected":false},"author":1,"featured_media":84276,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[41],"tags":[52,32,129],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84275","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trade","tag-diplomacy","tag-trade","tag-uae","wpautop","entry"],"acf":{"mongo_id":"caa29fab-a400-4cc9-acc9-daf2ea8ab3bd","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/2\/492.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The UAE\u2019s non-oil foreign trade hit AED 3 tn in 2024","related_issue":[84270],"teaser":"Non-oil exports were the main contributors, with a total of AED 561.2 bn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/2\/.e112d365-50bb-4b32-a163-82cfe229dfc3.mp3"},"yoast_head":"\nThe UAE\u2019s non-oil foreign trade hit AED 3 tn in 2024 - 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