Statement by HE Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, on the Occasion of Announcing the UAE’s 2024 Non-Oil Foreign Trade Results
His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, presented a comprehensive update on the UAE's non-oil foreign trade for 2024, highlighting historic growth and strategic milestones in the country's economic diversification efforts.
The UAE's non-oil foreign trade reached an all-time high of AED 2.997 trillion in 2024, marking a 14.6% year-on-year increase, well above the global trade growth average of 2.4%. This achievement brings the country closer to its 'We the UAE 2031' vision target of AED 4 trillion, with 75% of the goal accomplished seven years ahead of schedule.
Key Highlights:
- Non-Oil Exports Growth: Non-oil exports saw a record 27.6% increase, reaching AED 561.2 billion. This growth brings the UAE closer to its AED 800 billion target for exports by 2031. Non-oil exports now make up 18.7% of total trade, up from 16.8% in 2023 and 14.1% in 2019.
- Comprehensive Economic Partnership Agreements (CEPA): The CEPA program continues to have a substantial impact, with exports to partner countries growing by 42.3% to AED 135 billion in 2024. India and Turkey were the top destinations, with exports to India surging by 75.2% to AED 75.8 billion, and exports to Turkey growing by 15.7% to AED 54.9 billion.
- Re-exports and Imports: UAE re-exports amounted to AED 734.4 billion, growing by 7.3%, while imports reached AED 1.701 trillion, up by 14.2% compared to 2023.
Dr. Al Zeyoudi emphasized the positive impact of the UAE's strategic diversification plans, noting that these results affirm the country's continued expansion into new economic sectors and the successful creation of long-term value. The UAE's dynamic foreign trade sector remains open to global trade, talent, and investment, positioning the country as a key player on the international stage.
