The UAE’s foreign trade surged to Dh5.23 trillion in 2024, marking a remarkable 49 per cent increase from Dh3.5 trillion (USD 949 billion) in 2021.

The milestone, based on the latest figures from the World Trade Organisation (WTO), was announced on Sunday by Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

Sharing the news on social media, Sheikh Mohammed wrote: “The UAE's foreign trade volume reached Dh5.23 trillion in 2024, with a trade surplus exceeding Dh490 billion, making the country a lever for international trade.”

Service exports played a significant role in the UAE’s trade performance last year, totalling Dh650 billion, with digital services alone accounting for Dh191 billion — or 30 per cent of all service exports.

"This growth in digital trade highlights the country’s successful digital transformation and investment in innovation-driven sectors," Sheikh Mohammed added.

Meanwhile, goods exports reached Dh2.2 trillion, representing a 6 per cent growth compared to the previous year. Sheikh Mohammed emphasised the UAE’s dominant regional position, stating: “The UAE now accounts for 41 per cent of the Middle East’s total commodity exports, confirming its leadership as the region’s primary trade centre.”

The Dubai Ruler credited the UAE’s achievements to its consistent policy of economic openness, international collaboration, and unrestricted movement of trade, capital, and people.

"In a world facing major economic and trade challenges, the UAE has chosen from the outset an approach of openness, bridge-building, and freedom of movement of trade, money, and people. Today, it has become a bridge between East and West... and a global economic centre," he said.

He also praised the efforts of President Sheikh Mohamed for sustaining the UAE’s direction of economic advancement.

“Praise be to God, the achievement will continue,” he said. “With the follow-up of my brother, the President of the State, we will preserve and enhance the gains.”

The Dubai Ruler reaffirmed the UAE’s ongoing strategy of openness and economic integration, adding, “By maintaining our approach of openness, trade liberalisation, and building bridges, growth and leadership will remain our ally, God willing.”

Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, echoed the sentiment, highlighting the UAE’s rising global trade rankings. “Driven by visionary leadership and a commitment to economic openness, innovation, and global integration, the UAE has solidified its status as a global trade hub,” he said.

According to the minister, the UAE ranked 11th globally in merchandise exports and 13th in services exports last year, with a trade surplus of Dh492.3 billion. This included merchandise exports worth Dh2.22 trillion and services exports of Dh646.6 billion, with digital services making up Dh191 billion.

“These achievements stem from national efforts, flexible policies, and strong international partnerships. The UAE will continue to enhance its global role by facilitating trade, expanding collaborations, and integrating with global value chains," Al Zeyoudi added.