Abu Dhabi: UAE's non-oil foreign trade continued its upward trajectory, reaching AED3 trillion in 2024. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, stated that the UAE's non-oil foreign trade has continued its upward trajectory, reaching AED3 trillion in 2024, with a record annual increase of 14.6% compared to 2023.
According to Emirates News Agency, Dr. Al Zeyoudi emphasized that the UAE's foreign trade is guided by the strategic vision of the national leadership, achieving an all-time high of AED2.997 trillion in 2024. This marks a 14.6% increase from 2023, significantly outpacing the global trade growth average of around 2.4%. The milestone signifies that 75% of the AED4 trillion target set in the 'We the UAE 2031' national vision has been achieved, with seven years remaining.
Dr. Al Zeyoudi highlighted the increasing contribution of non-oil exports to foreign trade, which climbed 27.6% to reach AED561.2 billion, nearly achieving 70% of the AED800 billion target. Exports now make up 18.7% of total trade, an increase from 16.8% in 2023 and 14.1% in 2019. These figures underscore the progress in the UAE's economic diversification plans, with investments in new economic sectors, products for export, and long-term value creation.
He also addressed the expansion of foreign trade as a central element of the national economic strategy, facilitated by the Comprehensive Economic Partnership Agreement (CEPA) programme. In 2024, total exports to CEPA partner countries reached AED135 billion, marking a 42.3% increase and contributing 24% of total non-oil exports. India and Trkiye were noted as leading destinations for these exports.
Al Zeyoudi concluded by stating that the record trade figures of 2024 reflect the dynamism and agility of the UAE's economy, which remains open to global trade, talent, and investment. He expressed optimism about adding more CEPA partners in 2025 and beyond to continue this success.
