After the UAE contributed 2.4% of the world's exports. It ranked 11th globally at the level of merchandise exports with a total of $ 599 billion

Mohammed bin Rashid: We are an economic country and our national priorities are economic

  • Thani Al-Zeyoudi: "The forward-looking policies implemented by the government prove its strength in supporting the UAE's position on the international trade map"

  • The UAE is the first in the Middle East and Africa in exports and imports of goods and services. Archival

image

The UAE ranked 11th globally in terms of merchandise exports in 2022, with a total of $ 599 billion, and a contribution of 2.4% of the world's merchandise exports, achieving a growth of 41%, according to the "World Trade Outlook and Statistics" report issued by the World Trade Organization on Wednesday.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said in a tweet to His Highness on the blogging site «Twitter»: «According to the World Trade Organization, the UAE's transactions of goods and services amounted to $ 1.27 trillion in 2022, with a surplus in our favor of $ 233 billion. Next in 2023 is more beautiful, bigger and greater, we are an economic country. Our national priorities are economic. Our relations with countries will remain based on the development of the economy with all peoples."

International Trade

The UAE ranked 11th globally at the level of merchandise exports during 2022, with a total of $ 599 billion, with a contribution of 2.4% of the world's merchandise exports, achieving a growth of 41%, and if dealing with the European Union countries as a group, the UAE jumps to seventh place in the world, according to the "World Trade Outlook and Statistics" report issued by the World Trade Organization on Wednesday.

According to the report, the UAE also ranked 18th globally for merchandise imports in 2022, recording a value of $ 425 billion, with a contribution of 1.7% of the world's merchandise imports, and a growth rate of 22%, and in the case of dealing with the European Union countries as a group, the UAE jumps to rank 13th globally.

Forward-looking policies

The Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, said that "the forward-looking policies implemented by the UAE government in implementation of the directives of the leadership prove every day the extent of its strength in supporting the country's economic position globally, consolidating the pillars of its new economic model based on knowledge and innovation and contributing effectively to enhancing its competitiveness in a sustainable manner."

He added: "The prestigious position that our national economy occupies today, as witnessed by global financial institutions, puts us in a new challenge to develop our policies and programs in order to maintain this leadership, and we continue to strengthen the UAE's position on the international trade map, through our innovative initiatives, including the Comprehensive Economic Partnership Agreement, the Next Generation Foreign Investment Initiative, start-up support programs and other initiatives."

Services Exports & Imports

The World Trade Organization indicated that the UAE became 12th globally in "service exports" during 2022, with a value of $ 154 billion and a contribution of 2.2% of the world's exports of services, and in the event that the European Union countries are treated as a group, the UAE jumps to rank eighth in the world.

The UAE also ranked 18th globally in 2022 in "imports of services" worth $ 95 billion, contributing 1.5% of the world's imports of services. If the EU countries are treated as a group, the UAE jumps to 11th place globally.

Trade Balance

The statistics of the World Organization show that the UAE has achieved in its trade balance a surplus of $ 174 billion from its merchandise trade, and $ 59 billion in services, and the report also indicated that the UAE's trade of goods exceeded the barrier of one trillion dollars (1.024) trillion dollars, as well as the value of 249 billion dollars of services, meaning that the UAE's trade transactions of goods and services with the world amounted to 1.273 trillion dollars, with a surplus of 233 billion dollars during 2022.

The UAE ranks first in the Middle East and Africa in exports and imports of goods and services, and has maintained its position as the most important market for exports and imports of goods in the Middle East and Africa.

Digital Services

The UAE is also among the top exporters of digital services globally in 2022, ranking 21st globally with a value of $ 45 billion and a contribution of 1% of the world's exports of digital services, achieving a growth of 16% in 2022 compared to 2021, and a growth of 55% in 2022 compared to 2019.

It ranked first in the Arab world in 2022, and was the only one in the list of the top 30 countries exporting digital services globally, while the UAE's exports of digital services in 2022 contributed more than 29% of the value of its exports of services.

According to the World Trade Organization report, the world's exports of digital services amounted to about $ 3.82 trillion in 2022, contributing 54% of the world's exports of services.

Global Growth

In general, the World Trade Organization predicted through the report that trade volume growth will slow to 1.7% in 2023, down from 2.7% in 2022, as the pace of trade expansion this year is still expected to be below the level, affected by geopolitical changes in the world.

The OECD report showed that the value of global merchandise trade increased by 12% to reach $ 25.3 trillion in 2022 compared to 2021, and achieved a growth of 32% during 2022 compared to 2019. He explained that the value of global trade in commercial services increased by 15% in 2022 to reach $ 6.8 trillion, achieving a growth of 12% during 2022 compared to 2019.

• $ 1.273 trillion in the volume of the UAE's trade transactions of goods and services with the world, with a surplus of about $ 233 billion during 2022.

• The UAE achieves a surplus in its trade balance of about $ 174 billion from its merchandise trade, and $ 59 billion in services.

• The UAE is the first in the Arab world and the 21st globally in the list of major exporters of digital services globally in 2022, with a total of $ 45 billion and a contribution of 1% of the world's exports.

Vice President:

• "Our relations with countries will remain based on the development of the economy with all peoples."

• "The next in 2023 is more beautiful, bigger and greater."

United Arab Emirates:

■ Ranked 18th globally for merchandise imports with a total of $ 425 billion, contributing 1.7% of the world's merchandise imports and a growth rate of 22%.

■ Ranked 12th globally in service exports with a value of $ 154 billion and a contribution of 2.2% of the world's exports of services.

■ Ranked 18th globally in imports of services with a value of $ 95 billion and a contribution of 1.5% of the world's imports of services.