Abu Dhabi, UAE – The UAE’s trade in goods with the rest of the world hit $1.024 trillion in 2022 as the share of both exports and imports increased on the back of higher crude oil prices, World Trade Organisation (WTO) said in its Global Trade Outlook and Statistics report.
Imports accounted for 22 percent of that amount while exports grew by 41 percent.
According to the report, exports grew 41 pecent to $599 billion in 2022, accounting for 2.4 percent of the global merchandise exports share, while imports were $425 billion, accounting for 1.7 percent.
The UAE ranked 11th in terms of exports of commodities and was the 18th importer of global merchandise goods trade worldwide, the report revealed.
The Emirates came in 12th with $154 billion, or 2.2 percent of the global total, in terms of commercial service exports, with imports totalling $95 billion, or 1.5 percent of all commercial services imported globally, bringing the country’s total trade in service with the rest of the world to $249 billion.