The UAE recorded Dhs5.23 trillion (US$1.424 trillion) in foreign trade during 2024 — a 49% increase from 2021 — according to the World Trade Organization’s latest World Trade Outlook and Statistics report.
This significant growth cements the UAE’s position as the leading trade hub in the Middle East and Africa, and among the top 20 global trade centres.
A global leader in exports and services
The UAE ranked 11th globally in merchandise exports and 13th in services exports, with total exports reaching Dhs2.86 trillion and imports at Dhs2.37 trillion.
It achieved a trade surplus of Dhs492.3 billion, despite a slight dip from 2023, showcasing resilience in a complex global trade environment.
Services exports hit Dhs646.6 billion, with digital services alone accounting for Dhs191 billion — 30% of total services exports. The UAE also contributed 41.4% of the Middle East’s merchandise exports, confirming its role as a regional trade powerhouse.
Digital and diverse: Key growth sectors
Digital trade is emerging as a major strength. The UAE ranked 21st globally in digital services exports, valued at US$52 billion (Dhs191 billion), up from US$37 billion in 2021. Total digital trade reached Dhs345 billion, further positioning the country as a tech-forward economy.
Key service sectors saw healthy growth:
Information services up 14%
Tourism up 13%
Computer services up 12%
Financial services up 9%
Transport, insurance, and IP services up 8%
Merchandise exports also saw gains in electronics, office equipment, food, and clothing, despite global slowdowns in fuel, metals, and automotive exports.
Vision, policy and resilience driving growth
His Highness Sheikh Mohammed bin Rashid Al Maktoum praised the UAE’s open, connected economy and reaffirmed the nation’s role as a gateway between East and West. Minister of State for Foreign Trade Dr. Thani Al Zeyoudi echoed this, citing visionary leadership, flexible policies, and strong global partnerships as key to success.
With foreign trade contributing to a 1.6% GDP growth in 2024, and forecasts of 3.2% in 2025 and 3.5% in 2026, the UAE remains a model of economic resilience, innovation, and global integration — even amid a projected dip in global trade next year.
tanvir@dubainewsweek.com
