UAE Nears $1.09 Trillion Non-Oil Trade Target Ahead of Schedule
UAE non-oil foreign trade surged to AED 3 trillion in 2024—14.6% above 2023—driven by a 27.6% leap in exports and AED 135 billion added via CEPAs. Reaching 75% of its AED 4 trillion target set for 2031, the UAE is poised to hit this milestone ahead of schedule through robust trade diversification and international partnerships.
Under the leadership of Sheikh Mohammed bin Rashid Al Maktoum, the UAE is accelerating towards its goal of AED 4 trillion in non-oil foreign trade by 2031, on track to hit it ahead of schedule. In 2024, the nation recorded AED 3 trillion in non-oil trade, marking a robust 14.6% year‑on‑year rise, far outpacing the global trade growth rate of roughly 2%.
A key driver behind this surge is the network of Comprehensive Economic Partnership Agreements (CEPAs) the UAE has recently forged with several countries, including India, Indonesia, and Turkey. These agreements alone contributed AED 135 billion—an impressive 42% increase from the previous year, adding both volume and value to the nation’s trading mix.
Non-oil exports surged to AED 561 billion in 2024, surging 27.6% year‑on‑year, and now account for nearly one-fifth of all foreign trade. Top exports include gold, jewelry, petroleum products, aluminum, copper wire, perfumes, iron goods, electronics, and more.
The UAE’s trade relationships have also deepened significantly. Non-oil trade grew by ~10% with its ten largest partners, while exports to CEPA nations jumped by over 42%.
Sheikh Mohammed attributes this success to strategic diplomacy, sound economic policy, and close collaboration between the public and private sectors, building on strong foundations laid by President Sheikh Mohammed bin Zayed Al Nahyan. He confirms that the UAE has already reached 75% of its AED 4 trillion target, moving swiftly toward the 2031 deadline.
