UAE Foreign Trade Soars to a Record Dhs 3tn in 2024

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The UAE Foreign Trade Growth 2024

For the first time, the UAE foreign trade reached an all-time high in 2024, surpassing Dhs 3tn. This announcement was made by H.H. Sheikh Mohammed on X. In comparison to global trade, which grew by just 2%, the UAE foreign trade expanded by an impressive 14.6%. The country’s non-oil foreign trade totaled Dhs 2.997tn ($815.7bn) by the end of 2024, marking a rise of 14.6% from 2023.  

Sheikh Mohammed attributed this success to the UAE’s Comprehensive Economic Partnership Agreements (CEPAs) which contributed Dhs 135bn to non-oil trade, an increase of 42% year-on-year basis. Even though UAE set a Dhs 4tn annual foreign trade target to be achieved by 2031, UAE successfully achieved 75% by the end of 2024. 

Major Factors in UAE’s Trade Success – Non-oil Exports

A key driver of the UAE’s trade success was the increase in non-oil exports, which reached Dhs 561.2bn in 2024 up by 27.6% from 2023. Non-oil exports now represent 18.7% of total foreign trade, compared to 16.8% in 2023. Furthermore, the non-oil exports contributed Dhs 135bn under CEPA agreements accounting for 24% of total non-oil exports which is a rise of 42.3% from 2023. 

UAE – Top Commodities Exported & Re-Imported in 2024

Gold, jewelry, cigarettes, petroleum-based oils, aluminum, copper wires, printed materials, perfumes, and iron-based products were the leading export commodities in 2024 and saw a collective rise of 40.8% in 2025. 

The re-export trade also demonstrated strong growth as it reached Dhs 734.4bn in 2024, up 7.3% from 2023. On the import side, non-oil imports reached Dhs 1.701tn and grew by 14.2% in 2024. Gold, mobile phones, petroleum oils, automobiles, jewelry, diamonds, and computers were some of the key imported goods in the country. The strong growth is attributed to consumer spending intentions in UAE which are set to see a 13% increase in 2025. 

UAE – Trade Performance Linked to Economic Growth

The UAE’s foreign trade record performance demonstrates the country’s commitment to fostering global economic partnerships and GDP growth. According to the latest forecast by the IMF, the UAE economy and GDP is expected to grow around 4% in 2025. Despite geopolitical tensions, the UAE economy remains strong backed by investments in infrastructure and artificial intelligence (AI) projects.