UAE’s Foreign Trade grows across the sectors in 2024
The UAE (United Arab Emirates) has been witnessing an impressive surge in the economic vision, resilience and adaptability among the uncertainties in global trade. And the recent reports reveal that UAE has reached upto AED 5.23 trillion ($1.42 trillion) in the foreign trade which is estimated to be 49% since the year 2021.
One of the important reasons for this milestone achievement is the growth in the services sectors like digital, tourism & hospitality, finance, logistics & transport, healthcare and others. Around AED 646.6 billion in exports, AED 191 billion from the digital services, and AED 2.22 trillion from the Merchandise exports has been generated notably through these. This built a firm position for UAE in the rankings of global trade,
- Merchandise Exports – 11th position
- Services Exports – 13th position
- Global Digital Services – 21st position
Since 2014, the country has maintained a status as a forerunner of trade hubs in the global stage and a hub for both Africa & Middle East. The projected contribution of the country’s GDP which is 1.6% regionally in 2024 has cemented their influence majorly. This diverse trade ecosystem though it fuels the nation’s economy it aids them to position their nation as a beacon of strategic foresight with economic growth. So, their magnificent trading performance is a testament to showcase their sustained momentum and the passion to shape the future of global trade.
