UAE’s merchandise trade crosses $1.024tr

The World Trade Organisation (WTO) said that UAE’s trade in goods with the rest of the world hit $1.024 trillion in 2022 as the share of both exports and imports increased on the back of higher crude oil prices. Imports accounted for 22% of that amount while exports grew by 41%. According to the WTO’s Global Trade Outlook and Statistics report, exports grew 41% to $599 billion in 2022, accounting for 2.4% of the global merchandise exports share, while imports were $425 billion, accounting for 1.7%.

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

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

Commenting on the report, 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.”Dr Thani Bin Ahmed Al Zeyoudi said recently that the UAE continues to leverage its global presence by opening up to the world and expanding its network of trading partners through comprehensive economic partnership agreements with a carefully selected group of markets of strategic importance internationally and regionally.

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, chaired In February this year the UAE Cabinet meeting at Qasr Al Watan Abu Dhabi.

Sheikh Mohammed explained, “During the Cabinet meeting, we reviewed the results of the UAE’s foreign trade in 2022. Our foreign trade achieved a historical record reaching more than Dhs2.2 trillion, a growth of 17 per cent.”

The non-oil foreign trade of the UAE achieved record growth rates in 2022, reaching Dhs2 trillion and 233 billion, with a growth rate of 17 per cent compared to 2021. The country has exceeded the Dhs2 trillion barrier for the first time in history. This achievement comes after the country’s non-oil foreign trade achieved a growth of 12 per cent in 2020, recording Dhs1,496 trillion, and recorded a jump of 28 per cent in 2021 to reach Dhs1,911 trillion.

Separately, preliminary data from the Federal Center for Competitiveness and Statistics indicates that non-oil trade exchange between the UAE and Saudi Arabia in 2022 experienced a growth rate of 9%, reaching Dhs136.09 billion, compared to Dhs124.6 billion at the end of 2021.

Over the period of 2013-2022, non-oil trade between the two countries increased by 70%, with the total non-oil trade over the past ten years amounting to Dhs975.5 billion.

The volume of non-oil trade surpassed Dhs100 billion, with Dhs107.4 billion in 2018, approximately Dhs113 billion in 2019, and about Dhs104 billion in 2020.

In 2022, non-oil trade between the UAE and Saudi Arabia consisted of Dhs34 billion worth of imports from Saudi Arabia to the UAE, while non-oil exports from the UAE to Saudi Arabia amounted to Dhs35.6 billion, and re-exports totaled Dhs66.4 billion.

The top five commodities imported from Saudi Arabia in 2022 were mineral oils valued at Dhs10.8 billion, followed by ethylene polymers worth Dhs3.6 billion, raw gold worth Dhs1.7 billion, insulated wires and cables for electricity worth Dhs1.1 billion, and laundry products worth Dhs811 million.

Raw gold topped the list of the top five commodities exported from the UAE to Saudi Arabia in 2022, valued at Dhs8.7 billion, followed by ornaments and jewelry worth approximately Dhs2.5 billion, copper wires worth Dhs2.4 billion, flat products of iron or steel worth Dhs891 million, and mineral oils worth Dhs829 million.

Communication devices and equipment ranked first on the list of top five commodities re-exported from the UAE to Saudi Arabia in 2022, valued at Dhs9.1 billion, followed by data processing machines worth Dhs6.6 billion, parts and accessories for vehicles worth Dhs2.2 billion, woven clothing worth Dhs2.3 billion, and jewelry worth Dhs1.9 billion.