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The UAE ranks 11th in the world in terms of goods exports in 2022, with a total value of US$599 billion in goods trade. The country accounted for 2.4 percent of global merchandise exports and grew by 41 percent.
According to the World Trade Organization (WTO)’s recently released “World Trade Outlook and Statistics” report, the UAE ranks seventh globally when EU countries are considered as a single bloc.
The report ranks the UAE 18th in the world for merchandise imports in 2022, growing 22 percent to $425 billion and accounting for 1.7 percent of world merchandise imports. Considering the EU countries as a whole, the UAE ranks 13th globally.
forward looking policy
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said: “The forward-looking policies implemented by the UAE government at the behest of the wise leadership continue to demonstrate their ability to support the country’s economic standing globally. lay the foundation for an innovative new economic model while adding more value to its sustainable competitiveness.”
He added: “The prominence of our national economy, as highlighted by the world’s leading financial institutions, motivates us to continue developing such policies and programs to maintain this leadership. We will also adopt the Comprehensive Economic Partnership Agreement (CEPA) , NextGenFDI initiative, entrepreneurial support programs and other innovative initiatives continue to strengthen the UAE’s position in the international trade landscape.”
Service import and export
The WTO report ranks the UAE’s service exports in 2022 at 12th in the world, worth US$154 billion, accounting for 2.2% of the world’s total service exports. Considering the EU countries as a whole, the UAE jumps to eighth place globally.
The UAE also ranks 18th globally in services imports in 2022, worth $95 billion, or 1.5% of world services imports. When considering the EU countries as a whole, the UAE jumps to 11th place globally.
trade balance
WTO statistics show that the UAE has a trade surplus of US$174 billion in goods and US$59 billion in services. The report further highlights that the UAE’s trade in goods exceeds USD 1.024 trillion, in addition to trade in services of USD 249 trillion. As a result, the UAE’s trade in goods and services with the world will total US$1.273 trillion in 2022, with a surplus of US$233 billion.
The UAE also tops the Middle East and Africa region in terms of imports and exports of goods and services, continuing to maintain its position as the region’s leading import and export market.
digital service
The UAE is one of the largest exporters of digital services in 2022, ranking 21st globally with a total value of US$45 billion, accounting for 1% of global digital services exports. The country will achieve a 16% growth in 2022 compared to 2021 and a 55% increase compared to 2019.
The UAE ranks first in the Arab world in terms of digital services and is the only Arab country among the top 30 exporters of digital services in the world. Digital services accounted for more than 29 percent of the UAE’s total services exports last year.
According to the WTO report, the total global digital service exports in 2022 will be about 3.82 trillion US dollars, accounting for 54% of the total service exports.
Global Trade Outlook
Overall, the WTO report expects global trade growth to slow, to 1.7% in 2023, down from 2.7% in 2022. The report attributed the slowdown to various global geopolitical developments. The WTO further states that investing in multilateral cooperation will boost economic growth and quality of life in the long run.
In addition, the WTO report highlights that global merchandise trade will reach US$25.3 trillion in 2022, an increase of 12% and 32% compared to 2021 and 2019, respectively. The report shows that the global trade in commercial services will increase to US$6.8 trillion in 2022, an increase of 15% and 12% over 2022 and 2019, respectively.
Global GDP Growth
According to the WTO, global real GDP at market exchange rates will grow by 2.4% in 2023, while trade and GDP are expected to grow by 2.6% and 2.7%, respectively, below the average of the past 12 years.
Europe’s global trade growth
According to WTO forecasts, global trade is expected to grow by 1.8% in Europe and 0.9% in the Middle East, while imports in the region are expected to grow by about 5.5% in 2023. Trade is expected to grow by 1.7% in 2023, down slightly from the previous forecast of 1%, as China eases Covid-19 restrictions. This is expected to drive increased demand from Chinese consumers and boost global trade.
Global Trade 2022
Global trade volumes will grow by 2.7% in 2022, down from the 3.5% forecast by the WTO in October. The sharper-than-expected decline in the fourth quarter leads to lower growth in 2023. China and the United States top the list of top exporters in 2022, reaching $3.6 trillion and $2.1 trillion, respectively.
According to WTO statistics, the volatility of primary commodities in 2022 will be heavily affected by inflation and trade volumes. The volatility was particularly pronounced in European gas prices, which rose by 48% in the January-August 2022 period before falling by 76% by February 2023.
The WTO estimates that the value of global exports of digitally delivered services has quadrupled since 2005 and will grow at an average annual rate of 8.1% between 2005 and 2022. — trade arab news agency
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