UAE’s global merchandise trade crosses the $1trillion mark

The UAE’s merchandise trade crossed the $1 trillion (Dh3.67 trillion) milestone in 2022 as the share of both exports and imports grew on the back of higher crude oil prices, according to World Trade Organisation’s latest data.

Total merchandise trade reached $1.02 trillion last year as the share of exports grew by 41 per cent and imports by 22 per cent.

Exports were valued at $599 billion (Dh2.2 trillion) in 2022, accounting for 2.4 per cent of the global merchandise exports share while imports stood at $425 billion (Dh1.5 trillion), accounting for 1.7 per cent, according to Global Trade Outlook and Statistics report by the global trading body.

As per UAE’s official figures, the UAE’s non-oil foreign trade crossed the Dh2-trillion milestone for the first time in history in 2022, growing by 17 per cent to hit a record Dh2.23 trillion.

The UAE has signed Comprehensive Economic Partnership Agreements (Cepas) also with a few countries to give a fillip to trade. It aims to sign similar deals with several other countries to increase the economy to Dh3 trillion by 2030.

Another major contribution to the UAE’s success came from the high crude prices, which jumped after the Russia-Ukraine war broke out in February 2022, spurring oil prices above $130 a barrel, pushing up the UAE and other oil-producing countries’ share in global trade.

This pushed the country's exports higher than Canada, Russia, the UK, Singapore, India, Spain, Australia and a number of other countries.

The UAE was the world’s 11th largest exporter and 18th importer of global merchandise goods trade last year.

The country was ranked 12th in terms of exports of commercial services, reaching $154 billion, accounting for 2.2 per cent of the global share. While imports were valued at $95 billion, making up 1.5 per cent of the global commercial services imports.

• Business