Despite a minor increase to GDP predictions since last fall, WTO economists stated in a fresh forecast on April 5 that the rate of global trade growth in 2023 is still anticipated to be below average.
The volume of world merchandise trade is forecast to increase by 1.7% this year, following 2.7% growth in 2022, a smaller-than-expected increase that was dragged down by a sharp decline in the fourth quarter, according to the world trade organisation. This growth is being weighed down by the effects of the Ukraine crisis, persistently high inflation, tighter monetary policy, and financial market uncertainty.
According to authorities, the WTO said that the UAE's commerce in products with the rest of the globe reached $1.024 trillion in 2022 as both exports and imports grew as a result of rising crude oil prices.
22% of that total was made up of imports, while exports increased by 41%.
The WTO's World Trade Forecast and Statistics report estimates that in 2022, exports would increase by 41% to $599 billion, representing 2.4% of all global merchandise exports, while imports will amount to $425 billion, representing 1.7%.
The UAE was the 18th largest importer of international commerce items globally and the 11th largest exporter of commodities, according to WTO data.
The Emirates ranked 12th in terms of commercial service exports with $154 billion, or 2.2% of the global total. With $95 billion in imports, or 1.5% of all commercial services imported internationally, the country's overall trade in services with the rest of the world was $249 billion.
Dr Thani bin Ahmed Al-Zeyoudi, Minister of State for Foreign Trade, said that the UAE government’s forward-thinking policies, implemented in accordance with the wise leadership’s directives, demonstrate the extent of their strength in “supporting the country’s economic position globally, consolidating the foundations of its new economic model based on knowledge and innovation, and effectively contributing to sustainably enhance its competitiveness."