The United Arab Emirates ranked 11th in the world in terms of merchandise exports during the year 2022, with a total of $599 billion and a contribution of 2.4% of the world’s merchandise exports, achieving a growth of 41%; In the case of dealing with the countries of the European Union as a group, the UAE jumps to rank 7 in the world, according to the “World Trade Outlook and Statistics” report issued by the World Trade Organization yesterday, Wednesday, April 5, 2023.
According to the report, the UAE also ranked 18th in the world in terms of merchandise imports during the year 2022, recording a value of $425 billion, with a contribution of 1.7% of the world’s merchandise imports, with a growth rate of 22%. If dealing with the European Union countries as a group, the UAE jumps to rank 13. worldwide.
The Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al-Zeyoudi, affirmed that the forward-looking policies implemented by the UAE government, in implementation of the directives of the wise leadership, prove every day their strength in supporting the country’s economic position globally, consolidating the foundations of its new economic model based on knowledge and innovation, and contributing effectively to strengthening sustainably competitive.
Dr. Thani bin Ahmed Al-Zeyoudi said, “The prestigious position that our national economy occupies today, with the testimony of international financial institutions, puts us in a new challenge to develop our policies and programs in order to maintain this leadership, and we continue to strengthen the UAE’s position on the international trade map, through our innovative initiatives, including The Comprehensive Economic Partnership Agreement, the Next Generation Foreign Investment Initiative, start-up support programs and other initiatives.
(Exports and imports of services)
The World Trade Organization indicated that the UAE ranked 12th in the world in service exports during the year 2022, with a value of $154 billion and a contribution of 2.2% of the world’s exports of services. In the case of dealing with the countries of the European Union as a group, the UAE jumps to rank 8 in the world.
The UAE also ranked 18th in the world during the year 2022 in imports of services at a value of $95 billion, with a contribution of 1.5% of the world’s imports of services. In the case of dealing with the European Union countries as a group, the UAE jumps to rank 11th in the world.
(trade balance)
The organization’s statistics indicate that the UAE has achieved a surplus of $174 billion in its trade balance in its merchandise trade, as well as $59 billion in services. Services, meaning that the UAE’s commercial dealings of goods and services with the world amounted to $1.273 trillion, with a surplus of $233 billion in 2022.
The UAE ranks first in the Middle East and Africa in exports and imports of goods and services, and has maintained its position as the most important market for merchandise exports and imports in the Middle East and Africa.
(digital services)
The UAE is also among the top exporters of digital services globally during 2022, as it ranked 21st in the world with a value of $45 billion and a contribution of 1% of the world’s exports of digital services, achieving a growth of 16% during 2022 compared to 2021, and a growth of 1%. 55% during 2022 compared to 2019, and the UAE ranked first in the Arab world during 2022, and it was the only one among the list of the top 30 countries exporting digital services globally, while the UAE’s exports of digital services during 2022 contributed by more than 29% of the value of its exports from Services.
According to the World Trade Organization report; The world’s exports of digital services amounted to about $3.82 trillion in 2022, and they contribute 54% of the world’s exports of services.
(Expectations of global trade growth)
In general, the World Trade Organization expected, through the report, a slowdown in trade volume growth to 1.7% in 2023, down from 2.7% in 2022, as the pace of trade expansion this year is still expected to be below the level, affected by the geopolitical changes taking place in the world. At the same time, she noted, investing in multilateral cooperation will boost economic growth and people’s living standards in the long run.
The organization’s report indicated that the value of global merchandise trade increased by 12% to reach $25.3 trillion in 2022 compared to 2021, and it also achieved a growth of 32% during 2022 compared to 2019. He explained that the value of global commercial services trade increased by 15%. % in 2022 to reach $6.8 trillion, achieving a growth of 12% in 2022 compared to 2019.
(global GDP growth)
The organization pointed to the growth of real world GDP at market exchange rates by 2.4% for the year 2023, while the expectations for trade and output growth are lower than the average of the past 12 years, by 2.6% and 2.7%, respectively.
(growth of world trade in Europe)
While the organization expected that global trade in Europe would grow by 1.8%, and the Middle East region by 0.9%, and that imports in the region would also rise by about 5.5% in 2023; The trade growth forecast of 1.7% in 2023 is higher than the previous estimate of 1% last October, thanks to the easing of the COVID-19 epidemic controls in China, which is expected to raise consumer demand in China, thus boosting international trade.
(world trade in 2022)
The organization’s report highlighted world trade statistics in 2022, as the increase recorded by 2.7% in the volume of world trade last year was weaker than the World Trade Organization’s expectations for October at 3.5%, as the decline more than expected in the fourth quarter led to a decline Growth for 2023, while China and the United States topped the list of the largest exporting countries abroad, with about $3.6 trillion and $2.1 trillion, respectively, in 2022.
The organization stated that fluctuations in commodity prices were strongly affected by inflation and trade volumes in 2022, and these fluctuations were particularly strong for European natural gas prices, which rose by 48% during the period between January and August 2022, before falling by 76% by February 2023. .
The World Trade Organization estimates that global exports of digitally rendered services have nearly quadrupled in value since 2005, rising by an average of 8.1% annually from 2005 to 2022.
#UAE #11th #globally #terms #commodity #exports #total #billion #growth #rate