UAE's 2031 non-oil foreign trade target will be achieved in 2 yrs: Sheikh Mohammed
The UAE's non-oil foreign trade surged by 18.6 per cent year-on-year in Q1 2025, reaching Dhs835bn, as the country accelerates toward its economic diversification targets ahead of schedule, according to Vice President and Prime Minister of the UAE and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum, Dubai Media Office (DMO) reported.
Sheikh Mohammed stated: 'The UAE's non-oil foreign trade saw growth of 18.6 per cent year-on-year in the first quarter of this year, reaching Dhs835bn (global average is 2-3 per cent). The nation's non-oil exports experienced exceptional growth, surging by 41 per cent annually.'
UAE's non-oil exports in Q1 2025
Non-oil exports recorded Dhs177.3bn in Q1 2025, a 40.7 per cent increase compared to Q1 2024 and a 15.7 per cent jump from the fourth quarter of 2024.
For the first time, non-oil exports represented over 21 per cent of the UAE's total non-oil trade, outpacing both imports and re-exports.
'Our goal to grow non-oil foreign trade to Dhs4tn by 2031 will be achieved within the next two years; four years ahead of schedule. In 2024, GDP grew by 4 per cent, reaching Dhs1.77tn, with the non-oil sector contributing 75.5 per cent to the national economy,' Sheikh Mohammed added.
Re-exports grew by 6 per cent annually to Dhs189.1bn, while imports reached Dhs468.6bn, up 17.2 per cent year-on-year but slightly down 1.7 per cent from Q4 2024.
According to the (DMO) report, Sheikh Mohammed reaffirmed the country's economic trajectory: 'Under the leadership of HH [UAE President] Sheikh Mohamed bin Zayed Al Nahyan, the UAE's economic growth is achieving unprecedented success. Indicators of social, economic, and strategic stability and prosperity are at their highest historical levels. We are confident in an even brighter future, driven by the focused efforts of thousands of dedicated teams working to realise the UAE's global ambitions.'
UAE's top trading partners
Trade with the UAE's top 10 trading partners rose by 20.2 per cent in Q1 2025, surpassing the 16.9 per cent growth rate with other countries. Bilateral trade with India increased by 31 per cent, with Saudi Arabia by 127 per cent, with Turkiye by 8.3 per cent, and with China by 9.6 per cent, breaking previous records.
The UAE has reported consistent record-breaking non-oil trade performance for several years, underpinning its efforts to position itself as a global hub for commerce, investment, and logistics.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yemen Online
4 days ago
- Yemen Online
UAE's 2031 non-oil foreign trade target will be achieved in 2 yrs: Sheikh Mohammed
The UAE's non-oil foreign trade surged by 18.6 per cent year-on-year in Q1 2025, reaching Dhs835bn, as the country accelerates toward its economic diversification targets ahead of schedule, according to Vice President and Prime Minister of the UAE and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum, Dubai Media Office (DMO) reported. Sheikh Mohammed stated: 'The UAE's non-oil foreign trade saw growth of 18.6 per cent year-on-year in the first quarter of this year, reaching Dhs835bn (global average is 2-3 per cent). The nation's non-oil exports experienced exceptional growth, surging by 41 per cent annually.' UAE's non-oil exports in Q1 2025 Non-oil exports recorded Dhs177.3bn in Q1 2025, a 40.7 per cent increase compared to Q1 2024 and a 15.7 per cent jump from the fourth quarter of 2024. For the first time, non-oil exports represented over 21 per cent of the UAE's total non-oil trade, outpacing both imports and re-exports. 'Our goal to grow non-oil foreign trade to Dhs4tn by 2031 will be achieved within the next two years; four years ahead of schedule. In 2024, GDP grew by 4 per cent, reaching Dhs1.77tn, with the non-oil sector contributing 75.5 per cent to the national economy,' Sheikh Mohammed added. Re-exports grew by 6 per cent annually to Dhs189.1bn, while imports reached Dhs468.6bn, up 17.2 per cent year-on-year but slightly down 1.7 per cent from Q4 2024. According to the (DMO) report, Sheikh Mohammed reaffirmed the country's economic trajectory: 'Under the leadership of HH [UAE President] Sheikh Mohamed bin Zayed Al Nahyan, the UAE's economic growth is achieving unprecedented success. Indicators of social, economic, and strategic stability and prosperity are at their highest historical levels. We are confident in an even brighter future, driven by the focused efforts of thousands of dedicated teams working to realise the UAE's global ambitions.' UAE's top trading partners Trade with the UAE's top 10 trading partners rose by 20.2 per cent in Q1 2025, surpassing the 16.9 per cent growth rate with other countries. Bilateral trade with India increased by 31 per cent, with Saudi Arabia by 127 per cent, with Turkiye by 8.3 per cent, and with China by 9.6 per cent, breaking previous records. The UAE has reported consistent record-breaking non-oil trade performance for several years, underpinning its efforts to position itself as a global hub for commerce, investment, and logistics.
Yemen Online
21-04-2025
- Yemen Online
UAE foreign trade reaches AED5.23 trillion in 2024
The UAE foreign trade touched AED5.23 trillion ($1.424 trillion) in 2024, a 49 per cent increase from AED3.5 trillion ($949 billion) in 2021, according to the World Trade Organisation's latest report. The growth reflects the UAE's strategic economic vision, reinforcing its position as the leading trade hub in the Middle East and Africa since 2014 and among the top 20 global trade centres for goods and services. In a global trade environment marked by 2.9 per cent growth in merchandise trade and 6.8 per cent in services trade in 2024, the UAE's performance underscores its resilience amid rising tariffs and uncertainties. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, emphasised the UAE's role as a global trade hub, saying, '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." In a post on his official social media handle, Sheikh Mohammed highlighted key achievements from the WTO report. He said "the UAE exported goods worth AED 2.2 trillion in 2024, marking a 6 per cent growth over the previous year" and recorded 41 per cent of the total commodity exports in the region. The country also "exported services worth AED 650 billion in 2024, of which AED 191 billion were digital services, representing 30 per cent of total service exports". "Our commitment to openness, trade liberalisation, and global connectivity will ensure continued growth," Sheikh Mohammed added. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, highlighted that "the UAE has solidified its status as a global trade hub. Ranking 11th in merchandise exports and 13th in services exports, with a trade surplus of AED492.3 billion, the UAE achieved merchandise exports of AED2.22 trillion and services exports of AED646.6 billion, including AED191 billion in digital services, reflecting 30 percent growth and leadership in future-oriented sectors. "These achievements stem from national efforts, flexible policies, and strong international partnerships. The UAE will continue to enhance its global role by facilitating trade, expanding collaborations, and integrating with global value chains."
Yemen Online
05-02-2025
- Yemen Online
UAE leans on trade deals for growth as non-oil trade jumps 15% in 2024
The United Arab Emirates' non-oil trade in goods touched a record 3 trillion dirhams ($817 billion) in 2024, up 14.6% from the previous year, as the Gulf oil exporter leans on its trade strategy to spur future growth. Thani Al Zeyoudi, the UAE's trade minister, announced the figures in a post on X. Earlier, UAE Prime Minister Mohammed bin Rashid Al Maktoum wrote on X that the country had already reached 75% of its 4 trillion dirham target for non-oil trade set for 2031. The UAE is widely considered to be the region's tourism and business hub, and it has invested heavily in trade and logistics infrastructure and devised policy to help accelerate efforts to diversify its economy. Since 2021 it has initiated a raft of bilateral trade, investment and cooperation deals called Comprehensive Economic Partnership Agreements (CEPAs), and has so far negotiated deals with countries ranging from India and Indonesia to politically opposed nations such as Israel and Turkey, as well as smaller states. The share of exports in UAE's total non-oil trade rose to 18.7% last year, from 11% in 2015, Zeyoudi said. The value of exports to partner CEPA countries jumped 42.3% year on year in 2024, and accounted for about a quarter of overall non-oil exports, which reached 561.2 billion dirhams last year. "Through our CEPA programme, we are securing partnerships with those nations who share our belief that open, rules-based trade is an essential driver of economic growth, development and diversification," Al Zeyoudi said in emailed comments to Reuters. "The UAE will always take a long-term view," he said, adding the country's economic strategy is not informed by day-to-day headlines. The country is hoping to kick off trade talks with the European Union in 2025, a move which has the support of many EU member states.
