UAE Foreign Trade Minister Zeyoudi expects 14% trade increase in 2024: Interview
This rise has been propelled by the country's growing non-oil trade and trade deals, the UAE minister told Al-Monitor.
DAVOS — The United Arab Emirates expects a roughly 14% year-on-year rise in foreign trade in 2024, the country's trade minister told Al-Monitor.
Speaking on the sidelines of the World Economic Forum in Davos, Switzerland, UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi said, "Considering the good development of our non-oil foreign trade, the initial numbers for 2024 are doing very well. We exceeded 14% [growth]."
Zeyoudi attributes this performance to growth in bilateral trade with other countries as the UAE continues to maneuver around geopolitical and supply chain issues. "At the same time, the logistics capabilities that we built over the years are paying off now,” he added.
The minister did not reveal the exact amount in foreign trade for 2024 as these figures have not yet been finalized. In 2023, the UAE's foreign trade exceeded 441 billion dirhams ($120 billion), with a growth rate of 16.7% compared to 2022.
