UAE Foreign Trade Soars to AED 5.23 Trillion in 2024

Image – Md Sihabul Islam (Pexels)

UAE Foreign Trade In 2024, Defies Global Slowdown

The UAE foreign trade in 2024 recorded AED 5.23 trillion (US$1.424 trillion), reflecting a significant 49% increase from AED 3.5 trillion (US$949 billion) in 2021, as outlined in the WTO’s “World Trade Outlook and Statistics” report. This is a continuation of an earlier update where it was announced that UAE foreign trade reached an all-time high in 2024.

The growth of the UAE’s foreign trade underscores the country’s strategic economic direction and cements its status as the leading trade hub for the Middle East and Africa since 2014. The foreign trade growth also places the UAE among the top 20 global centers for goods and services.

Amid a global trade environment characterized by modest growth of 2.9% in merchandise and 6.8% in services, the UAE’s performance demonstrates its resilience in the face of rising tariffs and economic uncertainties. The WTO data reflects the UAE’s solid trade trajectory, showing a 49% increase in combined goods and services trade from 2021 to 2024.

Read More: UAE Investment Reports

Strategic Leadership Fuels UAE Foreign Trade Growth in 2024

H.H. Sheikh Mohammed, Vice President, Prime Minister and Ruler of Dubai, highlighted the key achievements from the WTO report, emphasizing the UAE’s in prioritizing openness, connectivity, and the unrestricted flow of trade, capital, and people by positioning the country as a critical link between East and West. Additionally, the foreign trade growth could be attributed to recent trade agreements with the European Union and Italy (US$ 40 billion deal) to strengthen trade ties, which unlocked investment opportunities for European SMEs in the UAE. 

WTO Report Highlights UAE’s Global Rankings

• Total foreign trade reached AED 5.23 trillion in 2024, with a trade surplus of AED 492.3 billion.
• The UAE ranked 11th worldwide in merchandise exports and 13th in services exports.
• Services exports totaled AED 646.6 billion, with AED 191 billion from digital services, accounting for 30% of the sector.
• Merchandise exports hit AED 2.22 trillion.
• The UAE contributed 41.4% of the Middle East’s merchandise exports, affirming its regional leadership.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, further stated that the UAE has firmly established itself as a global trade powerhouse as a result of flexible policies, strong global partnerships, and a national effort to enhance economic integration. This will also result in the UAE’s economic growth, which is projected to grow by 4% (IMF) and 4.8% (ICAEW) in 2025, driven by trade and tourism. Likewise, the consumer spending in the UAE is also set to grow by 13% in 2025, which is the highest growth globally. 

The UAE maintained a strong trade balance, with a surplus of AED 492.3 billion (US$134 billion) in 2024, down from AED 573.1 billion in 2023. Total exports reached AED 2.861 trillion, while imports amounted to AED 2.369 trillion. 

Between 2021 and 2024, the UAE rose from 17th to 11th in merchandise exports and from 18th to 14th in merchandise imports. In 2024, the UAE accounted for 2.5% of global merchandise exports and 2.2% of global imports, with exports valued at US$603 billion (AED 2.215 trillion) and imports at US$539 billion (AED 1.980 trillion).

Digital Services Trade on the Rise

In digital services, the UAE ranked 21st globally, with exports reaching US$52 billion (AED 191 billion) in 2024, up from US$37 billion in 2021 and US$48 billion in 2023. Digital services trade totaled US$94 billion (AED 345 billion), comprising one-third of the UAE’s services trade. Imports of digital services stood at US$42 billion (AED 154 billion), also ranking 21st and accounting for 1.1% of global imports.

Services trade reached AED1.036 trillion (US$282 billion) in 2024, including AED 646.6 billion in exports (62.4%) and AED 389.4 billion in imports. Between 2021 and 2024, the UAE advanced from 17th to 13th in services exports and from 19th to 21st in imports, with services comprising 20% of its overall trade. The top growing sectors included:

• Information services: +14%
• Tourism: +13%
• Computer services: +12%
• Financial services: +9%
• Transport, IP, and insurance services: +8% each
  

Sector-Wise Breakdown of Merchandise Trade Performance

The merchandise trade by sector in 2024 showed:

• Office equipment and telecommunications: +10%
• Electronics: +6%
• Agriculture, food, clothing: +3% each
• Industrial goods: +2%
• Chemicals and textiles: +1% each
• Fuel and mining products: -7%
• Iron and steel: -6%
• Automobiles: -1%

Market trends UAE 2025

With continued investments in infrastructure, innovation, and diversification, the UAE solidifies its role as a leading global trade hub. Connect with me on LinkedIn for UAE business reports and UAE economic growth analysis. 

Business Research UAE – As a leading feasibility study services company in Dubai, we specialize in UAE market analysis and business setup in Dubai with tailored market entry strategies, consumer insights, and business planning. Reach out to us at hello@researchkonnection.com