His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, stated that the UAE’s overseas commerce has reached a historic milestone, touching AED3 trillion for the primary time by the top of 2024.
His Highness Sheikh Mohammed bin Rashid stated that below the management of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, the nation continues to attain its strategic financial and developmental targets at a sooner and extra environment friendly fee than deliberate.
In a put up on X, His Highness Sheikh Mohammed stated, “My brother, His Highness Sheikh Mohamed bin Zayed, has spent years strengthening financial ties with nations worldwide… As we speak, we see the outcomes.”
He added that whereas world commerce grew by simply 2 p.c in 2024, the UAE’s overseas commerce expanded at seven instances that fee, reaching a formidable 14.6 p.c development.
Sheikh Mohammed said, “The Complete Financial Partnership Agreements (CEPAs), led by Sheikh Mohamed bin Zayed, added AED135 billion to our non-oil commerce with companion nations—an distinctive 42 p.c enhance in comparison with the earlier yr.
“In 2021, we set a aim of reaching AED4 trillion in annual overseas commerce by 2031. By the top of 2024, we have now already achieved 75 p.c of that focus on. At this tempo, we’ll attain it years forward of schedule.”
He famous that the UAE is shaping its financial future, specializing in progress over politics, emphasising that the nation’s precedence is to strengthen financial partnerships with nations around the globe—as a result of prosperity is constructed on stability.
“The UAE has a transparent imaginative and prescient and daring ambitions. On this world, success belongs to those that know precisely the place they’re headed,” Sheikh Mohammed stated.
Intimately, the UAE’s non-oil overseas commerce continued its upward trajectory, reaching a record-breaking AED2.997 trillion ($815.7 billion) by the top of 2024, representing a 14.6 p.c development in comparison with 2023.
This outstanding development considerably outperformed world commerce developments. In response to World Commerce Organisation (WTO) information, world merchandise commerce noticed restricted development of two.4 p.c in quantity and 1.6 p.c in worth from January to September 2024 in comparison with the identical interval in 2023.
The UAE’s non-oil commerce with its prime 10 world companions grew by 10 p.c, whereas commerce with different international locations expanded by 19.2 p.c in 2024 in comparison with the earlier yr.
A key driver behind this record-breaking commerce efficiency was the surge in non-oil items exports, which soared to AED561.2 billion in 2024, a 27.6 p.c enhance from 2023. This development boosted non-oil exports’ share of complete overseas commerce to 18.7 p.c in 2024, up from 16.8 p.c in 2023 and 14.1 p.c in 2019.
The UAE’s exports to its prime 10 commerce companions grew by 37.1 p.c, whereas exports to different international locations noticed a 13.4 p.c enhance. The non-oil exports below the CEPA agreements totalled AED135 billion, reflecting a 42.3 p.c development and accounting for twenty-four p.c of complete non-oil exports.
Among the many prime export commodities in 2024 had been gold, jewelry, cigarettes, petroleum-based oils, aluminum, copper wires, printed supplies, perfumes, and iron-based merchandise, which collectively achieved a 40.8 p.c development in comparison with 2023.
The re-export sector additionally noticed important good points, reaching AED734.4 billion in 2024, a rise of seven.3 p.c from 2023 and 14.1 p.c and 36.2 p.c increased than in 2022 and 2021, respectively.
The UAE’s non-oil imports reached AED1.701 trillion in 2024, reflecting 14.2 p.c development from 2023. Imports from the highest 10 commerce companions rose by 6.7 p.c, whereas imports from different nations grew by 22.3 p.c.
All through 2024, the UAE elevated imports from main markets, with key imported items together with gold, cellphones, petroleum oils, cars, jewelry, diamonds, and computer systems.
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