DUBAI, UAE – The UAE is poised to play a pivotal role in global trade with its exports projected to reach around US$544 billion (AED2 trillion) by 2030, showcasing a robust annual growth rate of 5.5 percent. according to a Standard Chartered research study.
The report, titled ‘Future of Trade: New opportunities in high-growth corridors’, forecasts the global trade industry to reach US$32 trillion (AED120 trillion) by 2030, with a projected growth rate of five percent.
The research highlights that trade corridors anchored in Asia, Africa and the Middle East are expected to outpace the global trade growth rate by almost four percentage points.
This would propel the combined trade volume in these regions to an astounding US$14 trillion, accounting for 44 percent of global trade by 2030.
India is set to remain the UAE’s largest export destination, while exports to Turkey, Vietnam and Singapore are among the fastest growing, the report revealed.
Driven by the government’s unwavering commitment to facilitating cross-border trade, the UAE is undergoing substantial capacity expansions in critical industries.
The country has achieved an impressive export diversity ratio of 0.54 percent, surpassing the global average.
This is due to the country’s efforts in diversifying exports into non-oil sectors through relaxing foreign ownership rules and offering attractive incentives.
Rola Abu Manneh, Chief Executive officer, Standard Chartered UAE, said, “The UAE’s success in diversifying its exports along with the development of new trade corridors positions the country favorably for sustained growth and reinforces its economic resilience.”
She said, “This achievement is a direct result of the government’s dedicated efforts to facilitating cross-border trade. These trade projections further cement the UAE’s position as the regional trade hub.”
She added, “The UAE continues to advance trade integration and spearheads diversification efforts with policies supporting innovation and sustainability. We maintain a positive outlook on the UAE’s ability to capitalize on these opportunities and sustain its upward trajectory in global trade arena.”
