UAE foreign trade reaches record AED 3 trillion in 2024

The UAE's foreign trade reached AED3 trillion for the first time by the end of 2024, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and the Ruler of Dubai announced on Wednesday.

He confirmed the record achievement on social media platform X, saying, "The UAE’s foreign trade has reached a historic milestone."

He continued by praising UAE President His Highness Sheikh Mohammed bin Zayed, who "has been keen in recent years to build unprecedented economic bridges with various countries of the world...and today we are reaping the fruits."

"While global trade grew by just 2 per cent in 2024, the UAE’s foreign trade expanded at seven times that rate, achieving an impressive 14.6% growth."

The UAE’s foreign trade has reached a historic milestone, touching AED 3 trillion for the first time by the end of 2024.

My brother, His Highness Sheikh Mohammed bin Zayed, has spent years strengthening economic ties with nations worldwide… Today, we see the results.

While…

— HH Sheikh Mohammed (@HHShkMohd) February 5, 2025

Sheikh Mohammed highlighted Comprehensive Economic Partnership Agreements, led by Sheikh Mohamed bin Zayed, have added AED135 billion to UAE non-oil trade with partner nations, "an exceptional 42 per cent increase compared to the previous year," His Highness wrote.

In e-mailed comments to Reuters, Dr Thani Al Zeyoudi, the UAE's trade minister said, "Through our CEPA programme, we are securing partnerships with those nations who share our belief that open, rules-based trade is an essential driver of economic growth, development and diversification." 

"The UAE will always take a long-term view," he said, adding the country's economic strategy is not informed by day-to-day headlines.

His Highness Sheikh Mohammed added, "The target we set for the UAE’s foreign trade in 2021 was AED4 trillion annually, by 2031…and by the end of 2024, 75 per cent of the target was achieved."