UAE's merchandise trade with world crossed USD 1 trillion mark in 2022: WTO

Abu Dhabi [UAE], April 7 (/WAM): The World Trade Orgsation (WTO) said that UAE's trade in goods with the rest of the world hit USD 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 per cent of that amount while exports grew by 41 per cent.

According to the WTO's Global Trade Outlook and Statistics report, exports grew 41 per cent to USD 599 billion in 2022, accounting for 2.4 per cent of the global merchandise exports share, while imports were USD 425 billion, accounting for 1.7 per cent.

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 USD 154 billion, or 2.2 per cent of the global total, with imports totalling USD 95 billion, or 1.5 per cent of all commercial services imported globally, bringing the country's total trade in service with the rest of the world to USD 249 billion.

Commenting on the report, Dr Th 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." (/WAM)

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