The United Arab Emirates recorded a total foreign trade volume of Dh5.23 trillion in 2024, marking a substantial 49% increase from Dh3.5 trillion recorded in 2021, as reported by the World Trade Organization.
According to the World Trade Outlook and Statistics report released by the organization, the UAE achieved a trade surplus of Dh492.3 billion ($134 billion) in 2024, which is slightly down from Dh573.1 billion in 2023, indicating stability in the face of global economic challenges.
Between 2021 and 2024, the UAE improved its position, moving from 17th to 11th place in merchandise exports and from 18th to 14th in imports. The UAE has contributed 2.5% to the global merchandise exports and 2.2% to imports. In 2024, exports reached $603 billion (Dh2.2153 trillion), while imports totaled $539 billion (Dh1.9802 trillion).
Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, emphasized that in the current environment of trade and economic challenges, the UAE has focused on promoting openness, connectivity, and the free movement of trade and capital, establishing itself as a significant link between the East and West and a global economic center. He reiterated the commitment to openness, trade liberalization, and global connectivity to ensure ongoing growth and leadership.
In 2024, the UAE ranked 21st globally in digital services exports, which amounted to $52 billion (Dh191 billion), an increase from $37 billion in 2021 and $48 billion in 2023. The total value of digital services trade reached $94 billion (Dh345 billion), making up about one-third of the services trade. Digital services imports were also valued at $42 billion (Dh154 billion), maintaining the 21st position and contributing to 1.1% of global imports, highlighting the UAE’s role as a technology hub.
In total, services trade reached Dh1.036 trillion ($282 billion) in 2024, with exports accounting for Dh646.6 billion (62.4%) and imports at Dh389.4 billion. Notable growth was seen in information services (up 14%), tourism (up 13%), computer services (up 12%), and financial services (up 9%), alongside an 8% increase in transport, intellectual property, and insurance services, resulting in a significant 26.4% contribution to global trade—the highest share since 2005.
The UAE accounted for 41.4% of the Middle East’s $1.5 trillion merchandise exports, with regional merchandise exports growing by 3.7% and services by 4.1% in 2024. On a global scale, the UAE contributed 2% to services exports and 1.3% to imports, with service exports totaling $176 billion (Dh646.6 billion) and imports of $106 billion (Dh389.4 billion).
From 2021 to 2024, the UAE improved its position from 17th to 13th in services exports and from 19th to 21st in services imports, with services making up 20% of total trade.
In 2024, various merchandise sectors demonstrated growth, with office equipment and telecommunications rising by 10%, electronics by 6%, and agricultural products, food, and clothing increasing by 3% each. Industrial goods increased by 2%, and chemicals and textiles saw a rise of 1%. Conversely, there were declines in fuel and mining products by 7%, iron and steel by 6%, and automobiles by 1%. Global merchandise exports saw a modest growth of 2%, reaching $24.43 trillion.
These results starkly contrast with the slow growth observed in global trade last year, where merchandise trade grew by just 2.9% and services trade expanded by 6.8%.
Dr. Thani bin Ahmed Al Zeyoudi, the Minister of State for Foreign Trade, remarked that the UAE has solidified its role as a global trade hub, ranking 11th in merchandise exports and 13th in services exports, while achieving a trade surplus of Dh492.3 billion. With Dh2.22 trillion in merchandise exports and Dh646.6 billion in services exports, including Dh191 billion in digital services, he noted a significant 30% growth in future-oriented sectors. These accomplishments reflect national initiatives, adaptive policies, and robust international partnerships. The UAE aims to further enhance its global presence by facilitating trade, fostering collaborations, and integrating into global value chains.
Future Prospects in Light of Global Challenges
The UAE’s accomplishments highlight its strategy focused on innovation and diversification, positioning the country to manage a projected 0.2% decline in global merchandise trade in 2025. The UAE is expected to contribute to a 1.6% regional GDP growth in 2024, with forecasts of 3.2% in 2025 and 3.5% in 2026, demonstrating its resilience. Its economic strategies, advantageous location, and advanced infrastructure continue to reinforce its status as a global trade hub, according to a statement from the Government Media Office.
