Last year, the World Trade Organisation reported that the UAE Trade in goods with the rest of the world exceeded $1.024T. The increase in crude oil prices contributed to a rise in export and import shares for the UAE, with imports making up 22% of the total and exports growing by 41%.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai said the figures will increase yet further in the year ahead.
Taking to Twitter to comment on the figures His Highness said: “What comes next in 2023 is better, bigger and greater. We are an economic country and our national priorities are economic and our relations with countries will remain based on developing the economy”.
According to the WTO’s Global Trade Outlook and Statistics report, exports grew 41% to $599bn in 2022, accounting for 2.4% of the global merchandise exports share, while imports were $425B, accounting for 1.7%. According to the WTO’s data, the UAE ranked 11th in terms of exports of commodities and was the 18th importer of global merchandise goods trade worldwide.
In terms of commercial service exports, the UAE came in 12th with $154B, or 2.2% of the global total, with imports totaling $95B, or 1.5% of all commercial services imported globally, bringing the country’s total trade in service with the rest of the world to $249B.
Commenting on the report, Thani bin Ahmed Al-Zeyoudi, Minister of State for Foreign Trade, said that the UAE government’s forward-thinking policies, implemented in accordance with the wise leadership’s directives, demonstrate the extent of their strength in “supporting the country’s economic position globally, consolidating the foundations of its new economic model based on knowledge and innovation, and effectively contributing to sustainably enhance its competitiveness.”
Last month, the UAE Cabinet approved initiatives aimed at doubling the level of national re-exports within seven years. The approvals came during a meeting of the UAE Cabinet on Tuesday, March 28. As well as looking to boost national re-exports the Cabinet reviewed trade agreements and recent commercial successes.