UAE exports expected to hit a staggering $540 billion by 2030

The UAE is poised to play a key role in global trade, with exports expected to grow at a staggering 5.5 percent annually to reach a staggering AED 2 trillion ($540 billion) by 2030, while global trade is expected to reach AED 120 trillion m.

This is according to the latest research report published by Standard Chartered Bank entitled “The Future of Trade: New Opportunities in High Growth Corridors”.

Trade corridors in Asia, Africa and the Middle East are projected to outpace global trade growth by nearly four percentage points, pushing the region’s combined trade to a staggering AED53 trillion, or 44 percent of global trade by 2030,

India’s largest export destination

India will remain the UAE’s largest export destination, while exports to Turkey, Vietnam and Singapore will see the fastest growth.

Driven by the government’s strong commitment to facilitating cross-border trade, the UAE is undergoing massive capacity expansion in key industries.

Notably, the country achieved an impressive export diversity ratio of 0.54%, which exceeds the global average. (Export and import diversity are measured by an index; lower numbers indicate higher diversity; the global average is 0.68 for exports and 0.41 for imports).

This is due to the country’s efforts to diversify exports into non-oil sectors by easing foreign ownership rules and offering attractive incentives.

Successfully diversify exports

Rola Abu Manneh, Chief Executive Officer, Standard Chartered UAE, said: “The UAE’s success in export diversification and the development of new trade corridors positions the country for continued growth and enhances its economic resilience. This achievement is in line with the government’s commitment to facilitate cross-border trade direct result of

She concluded: “These trade forecasts further strengthen the UAE’s position as a regional trade hub. The UAE continues to advance trade integration and lead diversification efforts through policies that support innovation and sustainable development. We are interested in the UAE to capitalize on these opportunities and sustain its Optimistic about its ability to take an upward trajectory on the global trade stage.” — trade arab news agency