UAE trade in goods with the rest of the world hit $1.024tn last year, according to the World Trade Organisation.
The WTO said the UAE’s share of both exports and imports increased on the back of higher crude oil prices.
Imports accounted for 22% of that amount while exports grew by 41%.
UAE trade figures
Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai said the figures will increase yet further in the year ahead.
Taking to Twitter to comment on the figures he said: “What comes next in 2023 is better, bigger and greater. We are an economic country and our national priorities are economic and our relations with countries will remain based on developing the economy”.
According to the WTO’s Global Trade Outlook and Statistics report, exports grew 41% to $599bn in 2022, accounting for 2.4% of the global merchandise exports share, while imports were $425bn, accounting for 1.7%.
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 UAE came in 12th with $154bn, or 2.2% of the global total, with imports totalling $95bn, or 1.5% of all commercial services imported globally, bringing the country’s total trade in service with the rest of the world to $249bn.
Commenting on the report, Thani 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.”
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