UAE ranks 16th globally in exports, says WTO

In imports, UAE ranks 19th and is the most important market for merchandise imports in Mena. The WTO report says UAE merchandise exports reached $359 billion (Dh1.3 trillion), which is 1.9 per cent of the total world exports. UAE imports grew by 4 per cent and it accounted for 1.4 per cent of the total world exports. Regionally, UAE accounts for 28 per cent of the Middle East merchandise exports and 33 per cent of imports during 2014.

According to the report, UAE ranks 19th among global importers of services. The total value services imports to UAE is $2 billion, which constitutes 1.5 per cent of the total global imports of services. However, this rank goes up to 13 when the EU is considered as a single bloc. The UAE exports of services increased to $17 billion, ranking 25 globally, if the EU is considered a bloc.

“The UAE has become a major player in international trade,” said Economy Minister Sultan Bin Saeed Al Mansouri. “Our country bolstered its position in the global trade scene and we expect it will continue to do so for the coming years. The trade policy of the UAE, advanced infrastructure, strategic location and legislative environment are all factors contributing to the continuous growth of our trade sector. During the past few year, enormous efforts were exerted to increase the level of competitiveness of the UAE and increase the opportunities of growth and development in all sectors, including trade.”

Risks and challenges

The merchandise exports of the Middle East region dropped by 4 per cent during 2014 compared to 2013 while imports increased by 1 per cent for the same period. The export of services from the region increased by 6 per cent in 2014 compared to 2013 while the import of services grew by 9 per cent. UAE’s share of the region’s services imports stand at 27 per cent while it accounts for 14 per cent of the total services exports of the region.