UAE non-oil trade set to hit Dh1.75t
Dubai - Country maintains its top ranks on world trade map.
The UAE's 2015 non-oil trade is estimated to record a 10 per cent surge to hit Dh1.75 trillion, positioning the country to reinforce its rank among the top 20 trading economies of the world, the Ministry of Economy said on Monday.
The ministry said the UAE managed to achieve top ranks in international trade statistics 2015, which was released by the World Trade Organisation, or WTO.
According to the report, the UAE, which maintained its top ranks on the world trade map and came 16th globally in commodity exports valued at $360 billion, and 20th globally in commodity imports valued at $262 billion in 2014, is on track to better its positions with a 10 per cent surge in overall non-oil trade.
The WTO report shows that while global commodity exports achieved average growth of six per cent from 2010-2014, the UAE exports grew by 14 per cent in the same period. Global imports achieved an average growth of five per cent from 2010-2014, while the UAE's average in reached 12 per cent in the same period.
"The figures in the first half of 2015 are positive indicators for the UAE's foreign trade, including direct trade," the ministry said.
In the area of service trade, the UAE ranked 19th globally as service importer, and 42nd globally in service exports.
In 2014, the UAE's non-oil trade was Dh1. 632 trillion while its direct trade totaled Dh1.072 trillion and the value of imports reached Dh696.4 billion. The WTO figures show that UAE exports amounted to Dh132.2 billion and re-export totalled Dh243.7 billion.
The trade volume of UAE free zones for 2014 has not yet been released, but it is expected to reach about Dh560 billion. "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," said Sultan bin Saeed Al Mansouri, Minister of Economy. "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 said.
"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," said Al Mansouri.
He said Dubai's win to host the World Expo 2020 and the groundbreaking development projects carried out by the UAE in several sectors, supported by many prestigious national initiatives such as the national innovation strategy, had given 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.
In service trade, the UAE ranks 19th among global importers of services, with its total value services imports values at $70 billion in 2014. The UAE ranks 42nd globally, with its service exports reached $20 billion in the same year.
The report said that while global service exports achieved six per cent growth from 2010-2014, the UAE service exports grew by 16 per cent in the same period. In 2014, UAE service exports achieved 14 per cent growth, compared to 2013.
A cargo ship docks to off load its containers at the Jebel Ali port terminal 2 in Dubai, United Arab Emirates, Sunday, Feb. 8, 2009. —AP FILE