UAE's goods trade with the world passes $1 trillion, says WTO

Emirates' commercial service exports ranked 12th globally in World Trade Organisation report

Containers at Abu Dhabi's Khalifa Port. Reuters
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The UAE's goods trade with the rest of the world hit $1.024 trillion in 2022, the World Trade Organisation said on Thursday.

Exports and imports increased due to higher crude oil prices, with the trade body saying imports accounted for 22 per cent of that amount while exports grew by 41 per cent.

Exports grew to $599 billion in 2022, accounting for 2.4 per cent of global merchandise exports, while imports reached $425 billion, accounting for 1.7 per cent, the WTO's Global Trade Outlook and Statistics report found.

The UAE ranked 11th for exports of commodities and was the 18th highest importer of global merchandise goods trade worldwide, according to WTO data.

For commercial service exports, the Emirates came in 12th with $154 billion, or 2.2 per cent of the global total, with imports totalling $95 billion, or 1.5 per cent of all commercial services imported globally.

The country's total trade in service with the rest of the world was $249 billion.

The UAE government's forward-thinking policies support “the country's economic position globally, consolidating the foundations of its new economic model based on knowledge and innovation", said Dr Thani Al Zeyoudi, Minister of State for Foreign Trade.

“Effectively contributing to sustainability enhances its competitiveness."

Updated: April 06, 2023, 9:51 PM