UAE Foreign Trade Surges To AED 5.23 Trillion In 2024, Highlighting Economic Resilience

The United Arab Emirates (UAE) reported a total foreign trade value of AED5.23 trillion (US$1.424 trillion) in 2024, marking a 49% increase from AED3.5 trillion (US$949 billion) in 2021, as per the World Trade Organisation's "World Trade Outlook and Statistics" report. This growth underscores the UAE's strategic economic vision, reinforcing its status as a leading trade hub in the Middle East and Africa since 2014.

In a global trade landscape where merchandise trade grew by 2.9% and services trade by 6.8% in 2024, the UAE's performance highlights its resilience amid rising tariffs and uncertainties. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, stated, "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."

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The UAE ranked 11th globally in merchandise exports and 13th in services exports in 2024. Services exports reached AED646.6 billion, with digital services accounting for AED191 billion or 30% of service exports. Merchandise exports amounted to AED2.22 trillion during the same period.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, affirmed that visionary leadership and commitment to economic openness have solidified the UAE's status as a global trade hub. He noted that these achievements stem from national efforts, flexible policies, and strong international partnerships.

The UAE achieved a trade balance surplus of AED492.3 billion (US$134 billion) in 2024 despite global challenges. Exports totaled AED2.8619 trillion against imports of AED2.3696 trillion from 2021 to 2024 statistics.

Between 2021 and 2024, the UAE climbed from 17th to 11th globally in merchandise exports and from 18th to 14th in imports. The country contributed 2.5% to global merchandise exports and 2.2% to imports.

Digital Services Growth

The UAE ranked 21st globally in digital services exports valued at US$52 billion (AED191 billion) in 2024, up from US$37 billion in 2021 and US$48 billion in 2023. Total digital services trade reached US$94 billion (AED345 billion), comprising one-third of services trade.

Digital services imports were valued at US$42 billion (AED154 billion), also ranking the UAE at 21st globally for digital imports.

Sectoral Growth Trends

In terms of sectoral growth within merchandise sectors for 2024: office equipment and telecommunications grew by 10%, electronics by 6%, while agricultural products, food, clothing each increased by about3%. Industrial goods rose by2%, chemicalsand textilesby1%, whereas fueland mining products fellby7%, ironand steel declinedby6%, automobiles droppedby1%. Global merchandise exports grew overall by2%, reaching US$24.43 trillion.

Regional Contributions

The UAE accounted for an impressive share of Middle Eastern merchandise exports at around41%. Regional export growth was recorded at approximately3%, while service trades expanded slightly over four percent during this period.

Globally speaking; it contributed two percent towards service exportation figures alongside one-point-three percent regarding importation statistics respectively making significant impacts on both fronts internationally speaking too!

The UAE’s achievements reflect its strategy of innovation and diversification amidst forecasted declines within worldwide trading activities anticipated next year according WTO predictions suggesting potential contractions around zero-point-two percent concerning general commerce movements predicted soon enough ahead into future projections made available today already now!

With inputs from WAM