UAE foreign trade hits $1.42 trillion in 2024 despite global uncertainties

Foreign trade of the UAE was worth Dh5.23 trillion ($1.42 trillion) last year, a 49 per cent jump from the levels achieved in 2021 as the Arab world's second largest economy continues to forge trade partnerships despite uncertainties that mar the global trade. The Emirates achieved a total trade surplus of Dh492.3 billion in 2024 as the country's exports exceeded imports in the 12 months to the end of December, the UAE Government Media Office said on Sunday, quoting data from the latest World Trade Organisation report. Merchandise exports during the past year reached Dh2.22 trillion, while service exports totalled Dh646.6 billion, with the UAE ranked 11th globally in merchandise exports and 13th in services exports, according to the WTO's World Trade Outlook and Statistics, report. The country's merchandise imports totalled Dh1.98 trillion last year, while service imports reached Dh389.4 billion. The UAE also accounted for 41.4 per cent of the Middle East's total merchandise exports in 2024. '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,' Sheikh Mohammed bin Rashid, Vice President, Prime Minister and Ruler of Dubai, said in a post on X on Sunday. The UAE is putting special emphasis on strengthening its trade ties as part of its economic diversification efforts. The Emirates signed several Comprehensive Economic Partnership Agreements (Cepas) last year as it deepened its trade and investment relations from nations across the continents. The UAE's economy grew by 3.9 per cent in 2024, its central bank has said this month, driven by growth momentum in the country's non-oil sectors amid the push for diversification. The banking regulator expects the country's gross domestic product to increase by 4.7 per cent in 2025 and by 5.7 per cent in 2026. The country's Cepa with partners such as India, Israel, Turkey, Indonesia, Cambodia, Georgia, Costa Rica and Mauritius have already taken effect. Trade deals with a number of countries including Colombia, South Korea, Australia, New Zealand and Malaysia and others are awaiting ratification. 'These achievements stem from national efforts, flexible policies, and strong international partnerships,' said Dr Thani Al Zeyoudi, Minister of State for Foreign Trade. 'The UAE will continue to enhance its global role by facilitating trade, expanding collaborations, and integrating with global value chains.' The UAE climbed from 17th to 11th globally in merchandise exports and from 18th to 14th in imports between 2021 and 2024, contributing 2.5 per cent to global merchandise exports and 2.2 per cent to imports, according to the latest WTO data. The UAE's expansion of trade ties comes as push for tariffs by US President Donald Trump has dented prospects of global trade growth this year and added uncertainty to the global economic outlook. Washington's insistence on heavy duties on its trade partners has also soured investment sentiment. Last week, the World Trade Organisation said new tariffs and uncertainty has added 'severe downside risks' to global trade. The WTO currently predicts global goods trade to fall by 0.2 per cent this year after previously forecasting it to grow by 2.7 per cent. 'The UAE's achievements reflect its strategy of innovation and diversification, positioning it to navigate a forecast 0.2 per cent decline in global merchandise trade in 2025,' the UAE Government Media Office statement said. 'Contributing to a 1.6 per cent regional GDP growth in 2024, with projections of 3.2 per cent in 2025 and 3.5 per cent in 2026, the UAE remains resilient. Its economic policies, strategic location, and advanced infrastructure solidify its role as a global trade hub.'

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