UAE trade estimated at AED 5.2tn in 2024

The UAE’s total foreign trade reached AED 5.23trn in 2024 according to estimates from the World Trade Organisation. Total merchandise exports in 2024 were estimated at AED 2.2trn while imports were estimated at AED 1.98trn. Services exports were estimated at AED 645bn while imports estimated at AED 388bn, leaving the UAE’s total trade balance in goods and services at a surplus of nearly AED 500bn.

India’s prime minister, Narendra Modi, will visit Saudi Arabia this week to “deepen and strengthen ties” between the two countries according to a statement from India’s ministry of external affairs. It will be President Modi’s first trip to Saudi Arabia in six years. Total trade between Saudi Arabia and India was estimated at USD 42bn for 2024 by the IMF with India representing the third largest destination for Saudi exports and the fourth largest source of imports.

Global data releases were limited at the end of last week owing to public holidays across multiple markets.

Today’s Economic Data and Events

Nil.

Fixed Income

• Benchmark global bond markets were closed on Friday thanks to public holidays in multiple markets. US Treasuries closed Thursday at a yield of 4.3249% for the 10yr UST.
• Regional credit markets were also closed with no trading in London or the US.

FX

• Currency markets were open at the end of last week with some moderate moves in limited trading. EURUSD added 0.2% to close at 1.1393 while GBPUSD was up by about the same amount to close at 1.3296. Euro has now hit its highest level since 2022 while sterling is at its highest level since October last year. The Japanese yen was also stronger with USDJPY lower by 0.2% at 142.18.
• NZDUSD showed the widest moves with the kiwi selling off by 0.6% at 0.5937 while AUDUSD fell 0.2% at 0.6377. USDCAD closed unchanged at 1.3847.

Equities

• Benchmark equity markets were closed on Friday thanks to public holidays. China’s Shenzhen index closed near flat. Turkey’s main index pulled lower by 0.8% while local markets in the UAE all closed higher on Friday. The DFM rose 0.7% while the ADX was higher by 0.4%.

Commodities

• Exchange-traded commodity markets were closed on Friday with Brent futures holding onto Thursday’s gain of 3% at USD 67.96/b while WTI settled Thursday at USD 64.68/b. Iran and the US held another round of negotiations and further talks will continue this week.