The United Arab Emirates (UAE) is experiencing a remarkable surge in foreign trade,as evidenced by recent data from the Emirates News Agency.As the world navigates a complex economic landscape,the UAE has set a remarkable record in 2024 with its non-oil foreign trade reaching an unprecedented 3 trillion dirhams (approximately $815.7 billion).This achievement marks a significant milestone for the nation and exemplifies its strategic economic resilience.

Specifically,by the end of 2024,the UAE's non-oil foreign trade is projected to hit a staggering 2.997 trillion dirhams,reflecting a robust year-on-year increase of 14.6%.This growth rate is particularly noteworthy when compared to global trade trends; the World Trade Organization (WTO) reports a mere 2.4% growth in global merchandise trade during the first nine months of 2024 when compared to the same period in 2023.Thus,the UAE's performance stands in stark contrast to the global average,emphasizing its unique positioning in the international trade arena.

A significant driver behind this record-breaking trade volume is the exceptional rise in non-oil exports,which soared to 561.2 billion dirhams—a remarkable increase of 27.6% from the previous year.The proportion of non-oil exports within the total trade volume has surged from 14.1% in 2019 and 16.8% in 2023 to an impressive 18.7% in 2024.This shift underscores the UAE's efforts to diversify its economy away from oil dependency and invest in alternative sectors.

Further breaking down the figures,non-oil trade with the UAE's top ten trading partners saw a year-on-year growth of 10%,while trade with other countries surged by 19.2%.Exports to the top ten partners grew by 37.1%,while exports to other nations increased by 13.4%.The UAE has been active in establishing comprehensive economic partnership agreements (CEPA) with multiple countries,with non-oil exports to CEPA partners hitting 135 billion dirhams—an astounding 42.3% increase,representing 24% of the UAE’s total non-oil exports.Notably,India and Turkey emerged as the primary destinations for these exports.

Moreover,the UAE's non-oil imports also surged,reaching 1.701 trillion dirhams in 2024,marking a 14.2% increase from the previous year.Imports from the top ten trading partners experienced a more modest growth of 6.7%,whereas imports from other nations jumped by 22.3%,revealing a more diversified sourcing strategy.

An encouraging trend also emerged in re-export activities,which climbed to 734.4 billion dirhams,reflecting a growth of 7.3% compared to 2023 and showcasing a 36.2% increase over the past three years.This statistic further exemplifies the UAE's growing role as a central hub for international trade exchanges.

Highlighting these accomplishments,UAE's Vice President and Prime Minister,Sheikh Mohammed bin Rashid Al Maktoum,stated that while global trade growth hovers at a modest 2%,the UAE boasts an impressive growth rate of 14.6%,underscoring the nation’s commitment to achieving its ambitious economic goals.With a strategic objective set in 2021 to reach 4 trillion dirhams in annual foreign trade by 2031,the UAE has already achieved 75% of this target by 2024.At this trajectory,it is set to realize its goals several years ahead of schedule.

Minister of State for Foreign Trade,Thani Al Zeyoudi,articulated a profound recognition of the critical role that expanding foreign trade plays within the UAE's national economic strategy amidst today's rapidly evolving global economy.Through macroeconomic initiatives,foreign trade remains a powerful engine for the nation’s economic development.The extraordinary trading figures in 2024 are not merely coincidental; they are a testament to years of active diversification efforts and expansion into international markets,which have yielded substantial results.

The robust trade statistics vividly illustrate the UAE's dynamic economy,showcasing strong resilience and adaptability in the face of numerous global challenges,including sluggish economic growth and rising protectionism.Despite such adversities,the country has continued to sustain its growth trajectory on the international stage and broaden its trade horizons.

In a bid to solidify and enhance its global economic standing,the UAE is unleashing unprecedented investment momentum in new economic sectors.It is pouring vast sums of resources into emerging technologies such as artificial intelligence,big data,and renewable energy,simultaneously attracting top global talent and enterprises.Through these strategic investments,the UAE intends not only to nurture internationally competitive emerging industries but also to foster innovations that span a wide array of export products beyond traditional oil and related sectors.

As part of its broader economic strategy,the UAE is exploring creativeness and innovation in establishing long-term value creation principles.The development of free trade zones,characterized by favorable policies,superior infrastructure,and efficient services,has attracted an influx of multinational corporations and investors.These trade zones have emerged not only as vital platforms for UAE's foreign trade but also as sturdy foundations for domestic industrial upgrades and innovations.

Moreover,the UAE is fostering economic cooperation with countries around the globe by signing free trade pacts and establishing bilateral and multilateral economic partnerships to further penetrate international markets and bolster its global influence.

Another noteworthy aspect is the UAE's philosophy of sharing the fruits of economic development.Throughout its progress,the nation ensures that the interests of its populace are safeguarded by enhancing access to quality education,healthcare,and job opportunities,thereby improving living standards.Additionally,the UAE has engaged actively in international aid and cooperative projects,sharing its development experiences with other emerging economies and contributing to global prosperity.

The unwavering commitment and proactive measures demonstrated by the UAE in the realms of foreign trade and economic development have laid a robust foundation for future advancements.Guided by its innovative economic strategy,the UAE is poised to continue shining on the global economic stage,advancing not only sustainable economic growth but also ensuring the nation's prosperity in the future.