UAE Foreign Trade Growth Reaches All-Time High in 2024
The UAE’s foreign trade hit a historic AED 3 trillion in 2024, marking the highest level ever recorded. The country’s trade grew by 14.6%, far outpacing the global rate of 2%. This remarkable performance puts the UAE at 75% of its AED 4 trillion target for 2031. The non-oil sector played a significant role as non-oil foreign trade reached AED 2.997 trillion ($815.7 billion). Smart trade policies and complete economic partnerships have made the UAE a dominant player in international commerce. The nation continues to set new standards of excellence in regional and global trade.
UAE Minister Announces Record-Breaking Trade Performance
Sheik Mohammed bin Rashid Al Maktoum shared the most important growth numbers for various trade sectors in 2024. Non-oil exports showed exceptional results and reached AED 561.2 billion. This represents a 27.6% increase from last year. Non-oil exports now make up 18.7% of total foreign trade, up from 16.8% in 2023.
Re-exports showed strong results with AED 734.4 billion in 2024, which is 7.3% higher than 2023. On top of that, non-oil imports grew by 14.2% and reached AED 1.701 trillion. UAE’s trade relationships are thriving. The top 10 global partners saw a 10% increase in trade volume. Other nations showed even better results with a 19.2% growth.
The country’s top export products in 2024 were:
- Gold and jewelry
- Cigarettes and petroleum-based oils
- Aluminum and copper wires
- Printed materials and perfumes
- Iron-based products
These products grew by 40.8% compared to 2023. The detailed Economic Partnership Agreements added AED 135 billion to non-oil trade. This is a big deal as it means that there was a 42.3% increase, making up 24% of total non-oil exports. Trade with partners beyond the top 10 grew even faster. Imports from the main partners increased by 6.7%, while other nations saw a 22.3% rise.
UAE’s trade initiatives have made it the leading exports and imports market in the Middle East and Africa region. The country managed to keep its position as the main trading hub and now handles 2.4% of global merchandise exports.
CEPA Agreements Drive Economic Transformation
The UAE has emerged as a global commerce hub through its Comprehensive Economic Partnership Agreement (CEPA) program, led by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade. These agreements have encouraged international trade relationships on five continents and reach 2.5 billion people globally.
The UAE-India CEPA, signed in February 2022, pushed bilateral exchanges from AED 268.05 billion to AED 308.44 billion between April 2022 and March 2023. Gems and jewelry exports to the UAE grew by 64% in two years. Trade between the UAE and Turkey showed an impressive 40% growth in 2022.
UAE businesses received these benefits through the CEPA program:
- Better market access with reduced tariffs
- Streamlined customs procedures
- Clear and transparent trading rules
- Rules-based competition framework
The UAE’s trade partnership approach targets non-oil trade growth to AED 4 trillion by 2031. The nation has built mutually beneficial alliances with partners like India, Indonesia, Israel, and Turkey since 2021. The value of exports to CEPA partner countries jumped by 42.3% in 2024, making up about one-quarter of overall non-oil exports.
This program’s impact reaches beyond traditional commerce and strengthens UAE’s capabilities in logistics, clean energy, advanced materials, and eco-friendly food systems. UAE exporters now enjoy preferential tariff rates and improved market access, which solidifies the nation’s role in global trade.
UAE Foreign Trade Policy Reshapes Global Markets
UAE’s trade policy development over the years has made the nation a premier global financial center. Dubai has set bold targets to double its GDP and Foreign Direct Investment to AED 32 trillion and AED 650 billion by 2033.
UAE creates a competitive business environment through tax exemptions, free zones, and FDI incentives. The country’s strategic location between Europe, Asia, and Africa has helped it become one of the world’s top four financial hubs.
The start-up sector shows the success of these policies. UAE now leads the GCC with more than 5,600 start-ups registered by the second quarter of 2024. Abu Dhabi has become the fastest-growing start-up ecosystem in the MENA region. Its value reached AED 15.42 billion between 2021 and 2023. Dubai’s ecosystem grew even larger, hitting AED 84.45 billion by 2023.
Recent policy changes have helped UAE achieve these milestones:
- More than 550 fintech companies now call UAE home
- UAE handles 60% of Chinese re-exports to 400 MENA cities
- Customs clearance procedures are fully electronic
- Free zones now offer 100% foreign ownership
UAE wants to double its digital economy’s GDP contribution from 9.7% to 19.4% within a decade. Blockchain technology adoption will help process 50% of government transactions. These changes continue to strengthen UAE’s position as a trailblazing trade hub.
UAE has reached a milestone with AED 3 trillion in foreign trade, marking a turning point in its economic experience. The country’s trade grew by 14.6%, which substantially exceeded global averages and showed its economic strength and forward-thinking approach. Non-oil exports hit record levels at AED 561.2 billion, and re-exports steadily climbed to AED 734.4 billion.
CEPA agreements have changed the trading landscape by connecting UAE businesses with 2.5 billion consumers on five continents. These strategic collaborations generated AED 135 billion in non-oil trade and are the foundations of continued economic growth. The country’s digital strategy and blockchain technology adoption have made it a tech-powered trading hub.
UAE aims to reach its AED 4 trillion trade target by 2031. Strong policies, strategic collaborations, and tech advances support this goal. The country has become a leading financial hub with its thriving startup ecosystem and fintech sector. This makes it the life-blood of global commerce. These achievements highlight UAE’s steadfast dedication to economic diversity and its crucial role in connecting international markets.
