Non-oil trade hits AED 3.8 tn record

The UAE’s non-oil foreign trade hit AED 3.8 tn last year, marking a record high and a 26.8% rise y-o-y, according to a post on X from Prime Minister Mohammed bin Rashid Al Maktoum and state news agency Wam. The results come as average global trade saw a smaller 7% uptick, Foreign Trade Minister Thani bin Ahmed Al Zeyoudi told Wam. Non-oil foreign trade hit AED 2.8 tn in 2024.

On the export side, non-oil trade volumes surpassed AED 813 bn, up 45.5% from 2024’s figure and accounting for 21.6% of total trade.

That’s lower than imports, which came in at AED 2.1 tn during the year, up 25.7% y-o-y. However, re-exports — which came in at AED 830.2 — helps — nearly — bridge the gap between both.

The results put the Emirates 95% of the way toward its goal of reaching AED 4 tn in non-oil foreign trade by 2031 — which was already expected to be brought forward to 2027, Dubai Media Office said last summer.

Key Emirati exports included aluminum, gold, precious metals, refined petroleum oils, and polypropylene polymers.

CEPA agreements were credited with driving the rise, with 14 new agreements coming into effect by the end of last year. Trade agreements led to an uptick in trade with India (+15%), Turkey (+15%), Malaysia (+22%), and Australia (+37%).

More are in the cards: An agreement with Japan is in its final stages, while negotiations with both the EU and Ecuador are seeing progress, Al Zeyoudi said.