The UAE ranked 11th globally at the level of goods exports in 2022, with a total of $599 billion and a contribution of 2.4% of the world’s goods exports, achieving a growth of 41%. If the European Union countries are treated as a group, the UAE jumps to rank 7th globally, according to the “World Trade Outlook and Statistics” report issued by the World Trade Organization on April 5, 2023.
According to the report, the UAE also ranked 18th globally for goods imports during 2022, recording a value of $425 billion, with a contribution of 1.7% of the world’s goods imports, with a growth rate of 22%, and in the event that EU countries are treated as a group, the UAE jumps to rank 13th globally.
His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said:
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 and imports
The World Trade Organization indicated that the UAE became ranked 12th globally in services exports in 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 EU countries are treated as a group, the UAE jumps to rank 8th globally.
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 EU countries are treated as a group, the UAE jumps to 11th place globally.
Read: UAE, Qatar, Saudi rank high in Emerging Markets Investment Confidence Index
Trade balance
OECD statistics indicate that the UAE has achieved in its trade balance a surplus of $174 billion from its goods trade, as well as $59 billion in services, and the report also indicated that the UAE’s trade in goods exceeded the barrier of $1 trillion ($1.024) trillion, as well as $249 billion worth of services, meaning that the UAE’s trade transactions of goods and services with the world amounted to $1.273 trillion, with a surplus of $233 billion achieved in 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% during 2022 compared to 2021, and in this category, the UAE ranked first in the Arab world in 2022.
Growth forecasts for global trade
Overall, the World Trade Organization that trade growth will slow to 1.7% in 2023, down from 2.7% in 2022.
The OECD report showed that the value of global goods 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.
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