The UAE’s foreign trade reached a record $816.7 billion in 2024, marking a 14.6 percent year-on-year increase as the country continues to diversify from oil revenue and strengthen trade relationships globally.
The country’s growth has been fueled by the Comprehensive Economic Partnership Agreements (Cepas) signed with various nations, including Colombia and Australia. These agreements have contributed Dh135 billion to the UAE’s non-oil trade, a 42 percent increase compared to the previous year, according to Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, who shared the news on Wednesday via X.
“While global trade grew by just 2 percent in 2024, the UAE’s foreign trade expanded at seven times that rate, achieving an impressive 14.6 percent growth,” Sheikh Mohammed said.
He further added, “In 2021, we set a goal of reaching Dh4 trillion ($1.08 trillion) in annual foreign trade by 2031. By the end of 2024, we have already achieved 75 percent of that target. At this pace, we will reach it years ahead of schedule.”
UAE Expands Trade Ties With Cepas
The UAE, which set a national economic goal of achieving $1.08 trillion in foreign trade by 2031, has been pushing to diversify its economy away from oil and foster closer trade ties with strategic partners worldwide. Since 2021, the country has signed a series of Cepa deals with fast-growing economies in Asia, the Middle East, and Africa. These agreements have helped increase the volume of non-oil foreign trade, including agreements with countries such as India, Indonesia, Turkey, and Israel. The UAE also signed Cepa deals with New Zealand and Malaysia in December to further deepen trade relationships.
“The UAE is shaping its own economic future, focusing on progress over politics. Our priority is to strengthen economic partnerships with nations around the world – because prosperity is built on stability,” Sheikh Mohammed said.
“The UAE has a clear vision and bold ambitions. In this world, success belongs to those who know exactly where they are headed.”
UAE’s Non-Oil Trade Shows Significant Growth
In 2024, the UAE’s non-oil trade with India grew 20.5 percent to $64.9 billion, while trade with Turkey rose by 11.5 percent to $40.2 billion. Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, also highlighted the positive impact of the Cepa program, noting that non-oil exports to partner nations reached $36.45 billion in 2024, a 42.3 percent increase over the previous year and accounting for 24 percent of total UAE exports.
“The positive impact of the UAE’s Cepa programme is evident, with non-oil exports to partner nations reaching Dh135 billion ($36.45 billion) in 2024, a 42.3 percent increase over 2023 and accounting for 24 percent of our total exports,” Dr. Al Zeyoudi said.
“With our foreign trade growth outpacing global trends, and having achieved 75 percent of our Vision 2031 target of Dh4 trillion (1.08 trillion), the UAE remains committed to greater trade and investment openness – and to solidifying our position as a gateway to opportunity.”
UAE’s Growth Projected At 4% In 2025
Meanwhile, the International Monetary Fund (IMF) has projected that the UAE’s growth will remain robust at approximately 4% in 2025, even with oil production falling below expectations.
The IMF noted that non-hydrocarbon sectors are being driven by strong performance in tourism, construction, public spending, and ongoing growth in financial services.
Additionally, a private survey released on Wednesday revealed that the UAE’s non-oil private sector continued to show solid growth in January, despite facing capacity limitations and competitive pressures.
