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The World Trade Organization (WTO) said the UAE’s trade in goods with the rest of the world will reach $1.024 trillion in 2022, as rising crude prices lead to an increase in the share of imports and exports. Imports accounted for 22 percent of that, while exports rose 41 percent. According to the WTO’s “Global Trade Prospects and Statistics” report, exports in 2022 will increase by 41% to US$599 billion, accounting for 2.4% of global merchandise exports, while imports will be US$425 billion, accounting for 1.7%.
According to WTO data, the UAE ranks 11th in merchandise exports and the 18th importer in global merchandise trade.
In terms of commercial service exports, the UAE ranked 12th with US$154 billion, accounting for 2.2% of the global total, and its total imports were US$95 billion, accounting for 1.5% of the total global commercial service imports, making the country’s total service trade rank first in the world . $249 billion of the world.
Commenting on the report, Dr. Thani Bin Ahmed Al-Zeyoudi, Minister of State for Foreign Trade, said the UAE government’s forward-looking policies were implemented under the direction of wise leadership, demonstrating their strength in “supporting the country’s development”. Global economic status, consolidate the foundation of its new economic model based on knowledge and innovation, and effectively contribute to the sustainable improvement of its competitiveness. Dr Thani Bin Ahmed Al Zeyoudi said recently that the UAE continues to expand its network of trading partners by reaching out to the world and by signing comprehensive economic partnership agreements with a carefully selected group of markets of international and regional strategic importance.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, chaired the UAE Cabinet meeting in Qasr Al Watan, Abu Dhabi in February this year.
Sheikh Mohamed explained, “During the Cabinet meeting, we reviewed the UAE’s foreign trade results in 2022. Our foreign trade reached a record high of more than AED 2.2 trillion, an increase of 17 percent.”
The non-oil foreign trade of the UAE will achieve record growth in 2022, reaching AED 2 trillion and AED 233 billion, an increase of 17% compared to 2021, and the first time in the country’s history to break through the AED 2 trillion mark. This achievement follows a 12 percent increase in the country’s non-oil foreign trade to AED1,496 trillion in 2020 and a 28 percent jump in 2021 to AED1,911 trillion.
Separately, preliminary data from the Federal Center for Competitiveness and Statistics showed non-oil trade flows between the UAE and Saudi Arabia rose by 9 percent to AED136.09 billion in 2022, compared to AED124.6 billion at the end of 2021.
During the period 2013-2022, the non-oil trade between the two countries will increase by 70%, and the total non-oil trade in the past ten years will reach 975.5 billion dirhams.
Non-oil trade exceeded AED100 billion, with AED107.4 billion in 2018, approximately AED113 billion in 2019 and approximately AED104 billion in 2020.
Non-oil trade between the UAE and Saudi Arabia in 2022 includes imports from Saudi Arabia to the UAE worth AED 34 billion, while non-oil exports from the UAE to Saudi Arabia are worth AED 35.6 billion, with total re-exports It is 66.4 billion dirhams.
The top five commodities imported from Saudi Arabia in 2022 are mineral oil at AED 10.8 billion, followed by ethylene polymers at AED 3.6 billion, raw gold at AED 1.7 billion, and gold at AED 1.1 billion electrical insulation wires and cables, and laundry products worth AED811 million.
Raw gold tops the top five goods exported from the UAE to Saudi Arabia in 2022, worth AED 8.7 billion, followed by ornaments and jewelry worth about AED 2.5 billion, copper wire worth AED 2.4 billion, flat Products worth AED 891 million in steel and AED 829 million in mineral oil.
Communications equipment and equipment top the list of the top five goods re-exported from the UAE to Saudi Arabia in 2022, worth AED 9.1 billion, followed by data processing machines worth AED 6.6 billion, and vehicles worth AED 2 200 million in components, 2.3 billion dirhams in woven garments and 1.9 billion dirhams in jewelry.
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