UAE’s global merchandise trade exceeds $1tn in 2022

Global trade growth in 2023 is still expected to be subpar despite a slight upgrade to GDP projections since last fall, WTO economists said in a new forecast on April 5.

Weighed down by the effects of the crisis in Ukraine, stubbornly high inflation, tighter monetary policy and financial market uncertainty, the volume of world merchandise trade is expected to grow by 1.7 per cent this year, following 2.7 per cent growth in 2022, a smaller-than-expected increase that was pulled down by a sharp slump in the fourth quarter, said the global trade organisation.

Meanwhile, WTO said that UAE’s trade in goods with the rest of the world hit $1.024tn in 2022 as the share of both exports and imports increased on the back of higher crude oil prices, according to a report by the state news agency, WAM.

Imports accounted for 22 per cent of that amount while exports grew by 41 per cent.

UAE’s merchandise trade with the world crossed $1 trillion mark in 2022: WTO#WamNews https://t.co/88GBQyWZuE pic.twitter.com/fdttLhWMaK

— WAM English (@WAMNEWS_ENG) April 6, 2023

According to the WTO’s Global Trade Outlook and Statistics report, exports grew 41 per cent to $599bn in 2022, accounting for 2.4 per cent of the global merchandise exports share, while imports were $425bn, accounting for 1.7 per cent.

According to WTO data, the UAE ranked 11th in terms of exports of commodities and was the 18th importer of global merchandise goods worldwide.

In terms of commercial service exports, the Emirates came in 12th with $154bn, or 2.2 per cent of the global total, with imports totalling $95bn, or 1.5 per cent of all commercial services imported globally, bringing the country’s total trade in service with the rest of the world to $249bn.

Trade driven by innovation

Dr 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.”

Read: UAE’s non-oil foreign trade grows 17% in 2022