UAE foreign trade reaches Dh5.23 trillion in 2024 up 49% from 2021
The UAE recorded total foreign trade of Dh5.23 trillion in 2024, a 49 per cent increase from Dh3.5 trillion in 2021, data from the World Trade Organization showed.
According to the global lender's World Trade Outlook and Statistics report, the UAE achieved a trade balance surplus of Dh492.3 billion ($134 billion) in 2024, down slightly from Dh573.1 billion in 2023, reflecting stability amid global challenges.
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. Exports reached $603 billion (Dh2.2153 trillion), and imports totaled $539 billion (Dh1.9802 trillion) in 2024.
Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said: 'In a world of economic and trade challenges, the UAE has prioritized 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. Our commitment to openness, trade liberalization, and global connectivity will ensure continued growth and leadership.'
The UAE ranked 21st globally in digital services exports, valued at $52 billion (Dh191 billion) in 2024, up from $37 billion in 2021 and $48 billion in 2023. Total digital services trade reached $94 billion (Dh345 billion), comprising one-third of services trade. Digital services imports, at $42 billion (Dh154 billion), also ranked 21st, contributing 1.1 per cent to global imports, reinforcing the UAE's role as a technology hub.
Services trade totalled Dh1.036 trillion ($282 billion) in 2024, with exports of Dh646.6 billion (62.4 per cent) and imports of Dh389.4 billion. Information services grew by 14 per cent, tourism by 13 per cent, computer services by 12 per cent, financial services by 9 per cent, and transport, intellectual property, and insurance services by 8 per cent each, contributing 26.4 per cent to global trade, the highest share since 2005.
The UAE accounted for 41.4 per cent of the Middle East's $1.5 trillion merchandise exports, with regional exports growing by 3.7 per cent and services by 4.1 per cent in 2024. Globally, the UAE contributed 2 per cent to services exports and 1.3 per cent to imports, with service exports of $176 billion (Dh646.6 billion) and imports of $106 billion (Dh389.4 billion).
The UAE advanced from 17th to 13th in services exports and from 19th to 21st in services imports between 2021 and 2024, with services comprising 20 per cent of total trade.
In 2024, merchandise sectors grew, with office equipment and telecommunications at 10 per cent, electronics at 6 per cent, and agricultural products, food, and clothing at 3 per cent each. Industrial goods rose by 2 per cent, and chemicals and textiles by 1 per cent, while fuel and mining products fell by 7 per cent, iron and steel by 6 per cent, and automobiles by 1 per cent. Global merchandise exports grew by 2 per cent, reaching $24.43 trillion.
The figures are in stark contrast to the anaemic growth in global trade last year, where merchandise trade rose 2.9 per cent and services trade expanded 6.8 per cent.
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said: '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 Dh492.3 billion, the UAE achieved merchandise exports of Dh2.22 trillion and services exports of Dh646.6 billion, including Dh191 billion in digital services, reflecting 30 per cent 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.'
Outlook amid global challenges
'The UAE's achievements reflect its strategy of innovation and diversification, positioning it to navigate a forecasted 0.2 per cent decline in global merchandise trade in 2025. 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,' a Government Media Office statement said.
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