UAE ranks 16th for exports

Dubai - The UAE has become a major player in international trade as the country is ranked top in Middle East and North Africa (Mena) and 16th globally for merchandise exports in 2014 with nearly two per cent share in the total world exports, according to a latest report by the World Trade Organisation (WTO).

Globally, China ranked top with a 12.4 per cent share in the world’s total merchandise exports, valuing at $2.34 trillion. United States with an 8.6 per cent share and $1.62 trillion merchandise exports volume ranked second while Germany got the third position in global ranking with eight per cent share worth $1.5 trillion, the report said.

Last year, UAE merchandise exports reached $359 billion, the report said, adding that UAE imports grew by four per cent to $262 billion and it accounted for 1.4 per cent of the total world imports in the same year and the country ranked 19 in this segment.

The WTO report said the UAE’s global ranking improved to 11 for merchandise exports excluding intra-EU trade in 2014 and the country also jumped six steps in the global ranking for merchandise imports when EU considered as a bloc.

The UAE accounts for 28 per cent of the Middle East merchandise exports and 33 per cent of imports during 2014. It ranked 19th among global importers of services with 1.5 per cent share valued at $72 billion, which constitutes 1.5 per cent of the total global imports of services. The UAE exports of services increased to $17 billion, ranking 25 globally, in 2014 if EU is considered as a bloc.

“UAE has become a major player in international trade. Our country bolstered its position in global trade scene and we expect it will continue to do so for the coming years,” UAE Economy Minister Sultan bin Saeed Al Mansouri said.

“The trade policy of the UAE, advanced infrastructure, strategic location and legislative environment are all factors contributing to the continuous growth of our trade sector,” said Wam quoting Al Mansouri.

During the past few years, enormous efforts were exerted to increase the level of competitiveness of the UAE and increase the opportunities of growth and development in all sectors, including trade, the minister said.

The merchandise exports of the Middle East region dropped by four per cent during 2014 compared to 2013 while imports increased by one per cent for the same period.

The services exports from the region increased by six per cent in 2014 compared to 2013 while services imports grew by nine per cent.
The UAE’s share of the region’s services imports stand at 27 per cent while it accounts for 14 per cent of the total services exports of the region.

Global trade forecast

Growth in the volume of world merchandise trade will pick up only slightly over the next two years, rising from 2.8 per cent in 2014 to 3.3 per cent in 2015 and eventually to four per cent in 2016, according to WTO economists.

The modest gains in 2014, marked the third consecutive year in which trade grew less than three per cent. Trade growth averaged just 2.4 per cent between 2012 and 2014, the slowest rate on record for a three year period when trade was expanding.

WTO director-general Roberto Azevedo said trade growth has been disappointing in recent years, due largely to prolonged sluggish growth in GDP following the financial crisis. “Looking forward we expect trade to continue its slow recovery but with economic growth still fragile and continued geopolitical tensions, this trend could easily be undermined.” - abdulbasit@khaleejtimes.com