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Sunday, June 23, 2024

UAE non-oil trade reached Dh1.632 trillion in 2014

UAE non-oil trade reached Dh1.632 trillion in 2014
UAE non-oil trade reached Dh1.632 trillion in 2014

(Abu Dhabi) – The Ministry of Economy has announced that the UAE managed to achieve top ranks in international trade statistics 2015, which was released by the World Trade Organisation, WTO, on October 31st, 2015.
According to the report, the UAE maintained its top ranks on the World trade map and came 16th globally in commodity exports, and 20th globally in commodity imports. In the area of service trade, the UAE ranked 19th globally as service importer, and 42nd globally in service exports.
The UAE’s non-oil trade (inclusive of free zones trade) valued at Dh1. 632 trillion in 2014, while its direct trade totalled Dh 1.072 trillion ($291.9 billion), the value of imports reached Dh 696.4 billion ($189.6 billion). The WTO figures show that UAE exports amounted to Dh132.2 billion ($36 billion) and re-export totalled Dh243.7 billion ($66.3 billion). The trade volume of UAE free zones for 2014 has not yet been released, but it is expected to reach about Dh560 billion ($152.4 billion).
The Ministry said that the value of the UAE non-oil foreign trade is expected to reach Dh 1.75 trillion ($476.4 billion) in 2015, a growth of up to 10%. The figures in the first half of 2015 are positive indicators for the UAE’s foreign trade, including direct trade.
Commenting on these figures, Sultan bin Saeed Al Mansouri, Minister of Economy, said: “The figures and data contained in the WTO International Trade Statistics 2015 are promising, and reflect the continued success of the UAE’s economic policies year after year. This success has boosted the UAE’s position on the global trade arena. We expect that the UAE will achieve more growth and progress as well as more positive results on all levels that come as part of the Federal Government’s implementation of the UAE Vision 2021 and its National Agenda.”
The Minister added: “The WTO report offers an overview of the development the UAE experienced in international commodity and service trade. The UAE made intensive efforts over the past years, represented in opening up its economy to foreign trade and investment with the aim of increasing growth opportunities and achieving the wellbeing of its people and residents.”
Al Mansouri added that Dubai’s win to host the World Expo 2020 and the ground-breaking development projects carried out by the UAE in several sectors, supported by many prestigious national initiatives such as the national innovation strategy, have all together gave a boost to ongoing efforts aiming to raise the country’s profile and competitiveness to better improve the performance of various sectors, including the trade.
The UAE has retained its high ranking as the world’s 16 exporter, and is the most important market for merchandise imports in the MENA region, according to the WTO Report 2015 on International Trade Trends.
The WTO report shows that the UAE ranks16th among global exporters with its commodity exports totalling $360 billion, and the UAE ranks 20th among global importers of commodities that valued at $262 billion.
The report shows that global commodity exports achieved average growth of 6% from 2010-2014, while the UAE exports grew by a 4 per cent in the same period. Global imports achieved an average growth of 5% from 2010-2014, while the UAE’s average in reached 12% for the same period.
(Courtesy WAM)

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