The UAE’s exports hit USD 488 bn in 2023 –WTO

The UAE’s exports hit USD 488 bn in 2023 –WTO

 The UAE was the 14th biggest global merchandise exporter in 2023, with exports reaching USD 488 bn, according to the World Trade Organization’s recent Global Trade Outlook and Statistics report (pdf). This marked a 5% y-o-y decline in merchandise exports and a decline from its ranking as the 11th biggest exporter in 2022 (pdf).

The country saw imports increase 7% y-o-y to USD 449 bn, and ranked 16th in terms of global merchandise imports, climbing two spots in the ranking when compared to the WTO’s 2022 report.

For services trade, the UAE ranked 13th globally in exports, with exports climbing 8% y-o-y to USD 165 bn. Services trade imports also increased 13% y-o-y to USD 108 bn.

The global stocktake: Global merchandise trade in goods is expected to increase by 2.6% in 2024 and 3.3% in 2025 after experiencing a decline of 1.2% in 2023. Import demand was notably low in 2023 across most regions, particularly in Europe, North America, and Asia. However, the Middle East and the Commonwealth of Independent States region saw a notable surge in imports during this period.

The war in the Middle East and the attacks on commercial ships in the Red Sea and Suez Canal have impacted shipments through the Red Sea and Suez Canal, according to the report. Containerized goods — which make up half of the freight volume passing through the canal — has seen a 72% decline between November 2023 and February of this year, while freight costs more than tripled during the same period on the back of additional fuel costs associated with long detours and increased ins. premiums.

The outlook remains uncertain, but carriers do not expect the situation in the Red Sea to improve significantly anytime before 2Q 2024, according to the report.

Source:Enterprise news