In a significant milestone for the UAE’s international trade has surpassed the $1 trillion mark. This achievement highlights the UAE’s growing status as a major player in the global economy and reinforces its position as a key hub for trade and commerce in the Middle East.
According to recent data from the UAE Federal Customs Authority, the total value of the country’s international merchandise trade reached $1.02 trillion in 2021, up from $926 billion in 2020. This represents a year-on-year increase of 10%, which is a significant achievement given the ongoing challenges posed by the COVID-19 pandemic. This growth was mainly driven by increased demand for oil and gas products, along with strong growth in trade volumes of manufactured goods and services.
The UAE’s international trade in goods is primarily driven by the country’s oil and gas exports, which account for a significant portion of its total trade value. However, the country’s non-oil trade has also been growing steadily in recent years, driven by the government’s efforts to diversify the economy and promote non-oil sectors such as manufacturing, tourism, and technology.
Commenting on the achievement, Sultan Ahmed bin Sulayem, Chairman and CEO of Dubai Ports World, said, “The UAE’s international trade in goods exceeding $1 trillion is a testament to the country’s strong economic resilience and its ability to adapt to changing global conditions. It also highlights the UAE’s strategic location as a hub for trade and commerce between Asia, Europe, and Africa.”
He added, “The UAE’s continued investment in infrastructure, technology, and logistics has helped to create a business-friendly environment that has attracted companies from around the world to set up operations in the country. This has helped to drive the growth of the UAE’s non-oil sectors and has contributed significantly to the country’s overall economic development.”
The UAE’s international trade achievement in crossing the $1 trillion mark in international trade in goods is also a testament to the country’s success in weathering the impact of the COVID-19 pandemic. Despite the significant challenges posed by the pandemic, the UAE has managed to maintain its position as a key player in the global economy, thanks in part to its strong fiscal policies, its investment in infrastructure and technology, and its commitment to diversifying the economy.
Going forward, the UAE is expected to continue to invest in its infrastructure and technology, in order to maintain its position as a key hub for trade and commerce in the region. The government has already announced plans to invest heavily in its logistics and transportation sectors, with a focus on developing cutting-edge technologies such as artificial intelligence, blockchain, and autonomous vehicles.
The UAE’s international trade success in crossing the $1 trillion mark in international trade in goods is a significant achievement, and one that is likely to be celebrated by businesses and investors alike. As the country continues to invest in its infrastructure and technology, its position as a key player in the global economy is likely to become even stronger, paving the way for continued economic growth and prosperity in the years to come.
With its strategic location and access to global markets, the UAE is well-placed to continue leading the way in international trade and commerce. In addition, as a major financial hub and destination for foreign investments, it has become an attractive place for businesses to set up shop and expand their operations. The success of the UAE in crossing the trillion-dollar mark in exports and imports is a testament to the country’s commitment to creating an environment that facilitates business growth. This has been achieved through various initiatives such as the adoption of free trade agreements, setting up of free zones, investment promotion laws and collaborations with global partners.