UAE non-oil foreign trade to grow to Dhs4tr by 2031, four years ahead of schedule: Mohammed

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, affirmed that the UAE, under the leadership of President His Highness Sheikh Mohamed Bin Zayed Al Nahyan, continues its remarkable progress across all sectors, with the nation's booming non-oil foreign trade at the heart of this growth, achieving consistent record-breaking growth for several years.

Sheikh Mohammed said: “The UAE's non-oil foreign trade saw growth of 18.6% year-on-year in the first quarter of this year, reaching Dhs835 billion (global average is 2-3%). The nation’s non-oil exports experienced exceptional growth, surging by 41% annually.”

Sheikh Mohammed stated: “Our goal to grow non-oil foreign trade to Dhs4 trillion by 2031 will be achieved within the next two years; four years ahead of schedule. In 2024, GDP grew by 4%, reaching Dhs1.77 trillion, with the non-oil sector contributing 75.5% to the national economy.”

Sheikh Mohammed emphasised: “Under the leadership of His Highness Sheikh Mohamed Bin Zayed Al Nahyan, the UAE's economic growth is achieving unprecedented success. Indicators of social, economic, and strategic stability and prosperity are at their highest historical levels. We are confident in an even brighter future, driven by the focused efforts of thousands of dedicated teams working to realize the UAE's global ambitions.”

Continued record growth in Q1-2025

The UAE's non-oil foreign trade continued an upward trajectory in Q1 2025 (1 January to 31 March 2025), reaching Dhs835 billion, an 18.6% increase compared to Q1 2024.

UAE non-oil exports continued to achieve historical growth rates, recording Dhs177.3 billion in Q1 2025, a 40.7% year-on-year increase (compared to Q1 2024) and a 15.7% quarter-on-quarter increase (compared to Q4 2024).

This robust growth propelled non-oil exports to over 21% of the UAE's total non-oil foreign trade for the first time in the nation's history, outpacing the growth of both imports and re-exports.

Re-exports saw a 6% annual increase, reaching Dhs189.1 billion. Imports grew by 17.2% year-on-year, reaching Dhs468.6 billion, but experienced a slight 1.7% decline compared to the previous quarter (Q4 of 2024).

Trade with the UAE's top 10 trading partners continued to expand, growing by 20.2% in Q1 2025, compared to 16.9% growth with other countries. Trade grew with India by 31%, with Saudi Arabia by more than double at 127%, withTurkey by 8.3% - surpassing previous records - and with China by 9.6%.