United Arab Emirate has managed to achieve top ranks in international trade statistics in the year 2015. The UAE ranked 16th internationally in commodity exports and 20th in commodity imports. In the services sector, the country ranked 19th as a service importer and 42th in service exports.
The UAE’s direct trade reached a figure of AED 1.072 trillion whereas its non-oil trade including free zone trade totalled AED 1.632 trillion.
Export accounted for AED 132.2 billion and re-export AED 243.7 billion. Trade volume of UAE free zones is expected to reach around AED 560 billion.
The value of non-oil foreign trade is likely to attain AED 1.75 trillion in 2015 which is a growth of up to 10%. As per the figures of H1/2015, the UAE’s foreign trade and direct trade seem to be positive. Dubai’s win of World EXPO 2020 bid, start of the development projects in various sectors and many national innovative initiatives have contributed to the overall growth including trade sector.
The country has achieved the world’s 16th exporter status and is the most crucial market for merchandise imports across the MENA region, says the WTO report 2015 on International Trade Trends.
According to the report, global commodity exports achieved an average growth of 6% over the period of 2010-2014 whereas the UAE exports went up by 4 %. Over the same period, the global imports achieved an average growth of 5% whereas the UAE achieved an average growth rate of 12%.
The country ranks 19th among global importers of services valued at USD 70 billion and 42nd internationally in service exports valued at USD 20 billion in 2014. As per the report, global service exports saw a growth of 6% over the period of 2010-2014 whereas UAE achieved a growth of 16% .
The UAE service exports experienced a Year-on-Year growth of 14% whereas global exports of service increased by 5% in 2014. The global imports achieved a growth of 7% whereas UAE service exports achieved an average growth of 14% over the period of 2010-2014 period.
The data provided by the WTO International Trade Statistics 2015 shows the positive economic trend of the country over the years. With such a success, the UAE has boosted its position on the international trade. The Ministry of Economics is expecting more growth and positive results along the lines of UAE Vision 2021.