UAE maintains top rankings on world trade map
UAE maintained its top ranks on the world trade map and came 16th globally in commodity exports, and 20th globally in commodity imports
The Ministry of Economy has announced that the UAE managed to achieve top ranks in international trade statistics 2015 according to the World Trade Organization report.
The report said the UAE maintained its top ranks on the world trade map and came 16th globally in commodity exports, and 20th globally in commodity imports. In the area of service trade, the UAE ranked 19th globally as service importer, and 42nd globally in service exports.
The UAE’s non-oil trade (inclusive of free zones trade) valued at AED1. 632 trillion in 2014, while its direct trade totaled AED1.072 trillion ($291.9 billion), the value of imports reached AED696.4 billion ($189.6 billion). The WTO figures showed that UAE exports amounted to AED132.2 billion ($36 billion) and re-export totaled AED243.7 billion ($66.3 billion). The trade volume of UAE free zones for 2014 has not yet been released, but it is expected to reach about AED560 billion ($152.4 billion).
The ministry said that the value of the UAE non-oil foreign trade is expected to reach AED1.75 trillion ($476.4 billion) in 2015, a growth of up to 10 per cent. The figures in the first half of 2015 are positive indicators for the UAE’s foreign trade, including direct trade.
Sultan bin Saeed Al Mansouri, Minister of Economy, said: “The figures and data contained in the WTO International Trade Statistics 2015 are promising, and reflect the continued success of the UAE’s economic policies year after year. This success has boosted the UAE’s position on the global trade arena. We expect that the UAE will achieve more growth and progress as well as more positive results on all levels that come as part of the Federal Government’s implementation of the UAE Vision 2021 and its National Agenda.”
He added: “The WTO report offers an overview of the development the UAE experienced in international commodity and service trade. The UAE made intensive efforts over the past years, represented in opening up its economy to foreign trade and investment with the aim of increasing growth opportunities and achieving the wellbeing of its people and residents.”
Al Mansouri added that Dubai wining bid to host World Expo 2020 and the groundbreaking development projects carried out by the UAE in several sectors, supported by many prestigious national initiatives such as the national innovation strategy, have all together gave a boost to ongoing efforts aiming to raise the country’s profile and competitiveness to better improve the performance of various sectors, including trade.
The UAE has retained its high ranking as the world’s 16 exporter, and is the most important market for merchandise imports in the MENA region, according to the WTO Report 2015 on International Trade Trends.
The WTO report showed that the UAE ranks 16th among global exporters with its commodity exports totaling $360 billion, and the UAE ranks 20th among global importers of commodities that valued at $262 billion. The report noted that global commodity exports achieved average growth of 6 per cent from 2010-2014, while the UAE exports grew by a 4 per cent in the same period. Global imports achieved an average growth of 5 per cent from 2010-2014, while the UAE’s average in reached 12 per cent for the same period.
According to the report, the UAE ranks 19th among global importers of services, with its total value services imports values at $70 billion in 2014. The UAE ranks 42nd globally, with its service exports reached $20 billion in the same year.
The report added that global service exports achieved 6 percent growth from 2010-2014. UAE service exports grew by 16 percent in the same period. In 2014, UAE service exports achieved 14 percent growth, compared to 2013. The report added that global exports of services grew by 5 percent. Global imports of services achieved 7 percent growth during the period from 2010-2014, while UAE service exports achieved an average growth of 14 percent in the same period.
This article first appeared in the Saudi Gazette on Jan. 6, 2016.
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