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UAE Retains its Top Rankings on World Trade Map

An international trade statistics report relating to 2015 which was released by the World Trade Organisation has shown that the UAE is now one of the best performing counties within global trade markets. The report stated that the UAE maintained its high ranks on the world trade map, ranking in 16th position globally in commodity exports and in 20th position for commodity imports. In regards to service trade the UAE globally ranked 19th as a service importer and 42nd globally in service exports.

The UAE non-oil trades with the inclusion of free zone trading was valued at Dh1.632 trillion in 2014, while the UAE’s direct trade totalled at Dh1.072 trillion. Within the report it stated that the value of imports reached Dh696.4 billion, exports amounted to Dh132.2 billion (£2531.7 billion) and re-exports totalling at Dh243.7 billion (£467.1 billion). The UAE free trade zone was valued at AED269.9 billion according to the FCA, federal customs authority.

This puts the UAE in a great position, the Minister of Economy commented on these figures stating that they are “…promising, and reflect the continued success of the UAE’s economic policies year after year, this success has boosted the UAE’s position on the global trade arena” the minster added that “.. The UAE made intensive efforts over the past years, represented in opening up its economy to foreign trade and investment”. Al Mansouri stated that developments in several sectors as well as Dubai’s winning bid to host the World Expo 2020 have influenced the UAE’s global position.

Infrastructural changes to UAE’s trade have made an impact on global positioning. In 2015 the RAK FTZ launched its district cooling plant, along with catering to investors and clients with the launching of the Boulevard Business Centre in the more convenient location of downtown Dubai. 2015 also saw the opening of 100 new warehouses with plans to develop new warehouses to tackle investors increasing demands for industrial facilities in the RAK FTZ. The Ras Al Khaiam also successfully acquired the certification to the occupational health and safety management system (OHSAS 18001). These changes have had a huge influence on the UAE’s global position; with the UAE being noted as the most important market for merchandise imports according to the World Trade Organisation.

The report stated that the global trade rank for UAE is 19th out of the global importers of services. Whilst the UAE’s overall rank is 42nd globally. The 2015 report shows the UAE global exports grew by 6 percent from 2010-2014, with UAE service exports growing by 16 percent in the same period. In 2014, UAE service exports achieved 14 percent growth, compared to 2013. The report included that the global exports of services grew by 5 percent. Global imports of services achieved 7 percent growth during the period from 2010-2014, while UAE service exports achieved an average growth of 14 percent in the same period. The data provided from the report shows signs of continuous growth for the UAE trading market.

The start of 2016 has already started to show signs of growth for the UAE trading as it has been recorded that the Ras Al Khaiam free trade zone now has more than 8,600 active companies representing over 50 different industry sectors and clients choosing the RAK FTZ calling from over a 100 countries.

References

Ras Al Khaimah Free Trade Zone Welcomes 2016 with Over 8,600 companies.

https://www.wam.ae/en/news/economics/1395290122256.html
http://www.uaeinteract.com/docs/Ras_Al_Khaimah_Free_Trade_Zone_welcomes_2016_with_over_8,600_companies/73337.htm

Ras Al Khaimah Free Trade Zone welcomes 2016 with over 8,600 companies-

http://www.khaleejtimes.com/business/local/rak-ftz-welcomes-2016-with-over-8600-firms

UAE Top ranks on world trade map

http://english.alarabiya.net/en/business/economy/2016/01/06/UAE-maintains-top-rankings-on-world-trade-map.html
http://www.emirates247.com/business/economy-finance/uae-maintains-top-rankings-on-world-trade-map-wto-2016-01-04-1.615996
http://www.marketstoday.net/news/uae-maintains-top-rankings-on-world-trade-map-wto/13909/en/
http://www.uaeinteract.com/docs/UAE_non-oil_trade_reached_Dh1.632_trillion_in_2014/73248.htm
https://www.wam.ae/en/news/economics/1395274682988.html
http://www.wam.ae/en/news/economics/1395290122256.html - All other references reference this website for information

Published: 19/02/2016 16:41:43
News Category: Dubai Business

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