The United Arab Emirates reported a total foreign trade volume of Dh5.23 trillion in 2024, marking a significant 49 percent rise from Dh3.5 trillion in 2021, as per data shared by the World Trade Organization.
The World Trade Outlook and Statistics report from the global organization indicates that the UAE recorded a trade surplus of Dh492.3 billion ($134 billion) in 2024, a slight decrease from the Dh573.1 billion surplus in 2023, showcasing stability in the face of global challenges.
Between 2021 and 2024, the UAE improved its rankings in global trade, advancing from 17th to 11th in merchandise exports and from 18th to 14th in imports. The UAE contributed 2.5 percent to the world’s merchandise exports and 2.2 percent to imports, with exports reaching $603 billion (Dh2.2153 trillion) and imports amounting to $539 billion (Dh1.9802 trillion) in 2024.
Sheikh Mohammed bin Rashid Al Maktoum, the Vice-President and Prime Minister of the UAE and Ruler of Dubai, remarked, “Amid global economic and trade challenges, the UAE has focused on openness, connectivity, and the fluid movement of trade, capital, and people, thus establishing itself as a crucial connection point between East and West and a significant player in the global economy. Our commitment to openness, trade liberalization, and global connectivity will support sustained growth and leadership.”
The UAE ranked 21st worldwide for digital services exports, which reached a value of $52 billion (Dh191 billion) in 2024, increasing from $37 billion in 2021 and $48 billion in 2023. The overall digital services trade hit $94 billion (Dh345 billion), accounting for a third of the services trade. Digital services imports stood at $42 billion (Dh154 billion), reinforcing the UAE’s status as a technology hub.
In 2024, the total trade in services amounted to Dh1.036 trillion ($282 billion), with exports constituting Dh646.6 billion (62.4 percent) and imports Dh389.4 billion. Notably, information services rose by 14 percent, tourism by 13 percent, and computer services by 12 percent, while financial services grew by 9 percent, and transport, intellectual property, and insurance services rose by 8 percent each. This sector contributed 26.4 percent to global trade, marking the highest share since 2005.
The UAE accounted for 41.4 percent of the Middle East’s $1.5 trillion in merchandise exports, with regional exports increasing by 3.7 percent and service exports by 4.1 percent in 2024. The UAE’s contributions to global service exports were 2 percent and 1.3 percent to imports, with service exports reaching $176 billion (Dh646.6 billion) and imports at $106 billion (Dh389.4 billion).
The UAE progressed from 17th to 13th in service exports and dropped from 19th to 21st in service imports from 2021 to 2024, with services making up 20 percent of the total trade.
In merchandise sectors, growth was seen in office equipment and telecommunications at 10 percent, electronics at 6 percent, and agricultural products, food, and clothing at 3 percent each. Industrial goods increased by 2 percent, with chemicals and textiles up by 1 percent, while fuels and mining products decreased by 7 percent, iron and steel by 6 percent, and automobiles by 1 percent. Global merchandise exports grew by 2 percent, reaching $24.43 trillion.
These figures starkly contrast the modest growth in global trade last year, where merchandise trade rose by 2.9 percent and services trade expanded by 6.8 percent.
Dr. Thani bin Ahmed Al Zeyoudi, the Minister of State for Foreign Trade, commented, “The UAE has firmly established itself as a leading global trade center. Ranking 11th in merchandise exports and 13th in services exports, with a trade surplus of Dh492.3 billion, we achieved merchandise exports of Dh2.22 trillion and services exports of Dh646.6 billion, including Dh191 billion in digital services, highlighting a 30 percent growth and leadership in forward-looking sectors. These accomplishments are a result of national initiatives, adaptable policies, and strong international partnerships. The UAE aims to further enhance its global presence by facilitating trade, expanding collaborations, and integrating within global value chains.”
Future Prospects Amid Global Challenges
“The achievements of the UAE demonstrate its strategy of innovation and diversification, positioning it to effectively navigate a projected 0.2 percent decline in global merchandise trade in 2025. With a forecasted regional GDP growth of 1.6 percent in 2024, and projections of 3.2 percent in 2025 and 3.5 percent in 2026, the UAE shows resilience. Its economic strategies, strategic location, and advanced infrastructure further cement its role as a global trade hub,” stated a Government Media Office release.