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The UAE’s non-oil foreign trade grew 14.6% y-o-y to AED 3 tn in 2024, outpacing global trade growth of just 2%, Prime Minister Sheikh Mohammed bin Rashid Al Maktoum said on X. 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.
This marks a major step toward the UAE’s goal of reaching AED 4 tn in annual foreign trade by 2031, with 75% of that target already achieved in 2024.
Non-oil goods exports were the key drivers of growth, 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 reports. The UAE’s 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 grew by 7.3% y-o-y to AED 734.4 bn in 2024.
Non-oil imports reached AED 1.7 tn in 2024, up 14.2% y-o-y from 2023. Imports from the country’s 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.
The trade figures align with the cabinet’s 2024 projections, which saw foreign trade exceeding AED 2.8 tn 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 in 2023, while total foreign trade reached a record AED 4.5 tn in the same year.
Economic agreements surged in 2024: The UAE signed economic partnership agreements with New Zealand and Kenya last month, as well as Jordan and Serbia in October, and agreed with India to set up a food corridor during the same month. Negotiations with Malaysia and the Eurasian Economic Union to set up an economic partnership were finalized and an agreement with Australia in September is set to remove tariffs and trade barriers. Earlier last year, the country inked agreements with Colombia, Costa Rica, Chile, Mauritius, Vietnam, and South Korea and finalized others, including with Ukraine.
The story got ink from Reuters.
