World Trade Organization (WTO) has revealed that UAE’s goods and services trade stood at approximately $1.27 trillion, including a surplus of $233 billion last year.
Keeping in view the last year’s performance, the Prime Minister (PM) of UAE and Rule of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, has projected trade to grow even more in 2023.
He further described UAE as being an economic country, adding that its national priorities as well as its ties with other states are built on growing its economy.
Remarkably, the UAE ranked 12th in commercial service exports with $154 billion, or 2.2% of the global total, while its imports in the same category totaled $95 billion, or 1.5% of global the global total. The UAE’s entire trade in services with the rest of the globe was $249 billion.
Minister of State for Foreign Trade, Thani bin Ahmed Al-Zeyoudi, stated that the UAE government’s policies, guided by wise leadership, exhibit their strength in supporting the country’s global economic position, establishing a new knowledge and innovation-based economic model, and boosting competitiveness sustainably.
In a meeting held on 28 March, the UAE Cabinet approved programs to increase national re-exports by two-fold in the next seven years. Along with this, the Cabinet also reviewed trade agreements and commercial achievements.
Re-exports refer to the exportation of goods that were previously imported into a country without any major change in nature or value.