Latest news with #WorldTradeOutlookandStatistics
Zawya
21-04-2025
- Business
- Zawya
UAE maintains global trade leadership, competitiveness: Al Zeyoudi
ABU DHABI: Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, stated that the United Arab Emirates, guided by the directives of its wise leadership, continues to lead and maintain its competitiveness on the global trade map. This was reaffirmed by the latest World Trade Organisation (WTO) report titled "World Trade Outlook and Statistics'. In statements to the Emirates News Agency (WAM), Al Zeyoudi highlighted that the UAE has consistently ranked among the top global trade hubs since 2014, holding the leading position in the Middle East and Africa for trade in goods and services, noting that trade in services accounts for 20 percent of the UAE's total trade with the world. He attributed the significant growth in the UAE's foreign trade to the country's open economy, its ability to attract investors, flexible policies and regulations, and its Comprehensive Economic Partnership Agreements (CEPA) programme. These factors have helped forge a global trade network linking the UAE with international markets. He also underscored the pivotal role of semi-government entities and the private sector in boosting the country's global trade profile. Al Zeyoudi revealed that the UAE's foreign trade continues to achieve significant growth, with preliminary estimates indicating a 25 percent increase in the first month of 2025. He added that the UAE ranked among the top global exporters of digital services in 2024, reflecting the ongoing development of this vital sector. Key service segments that recorded notable growth include finance, hospitality, information, and transport, with growth rates ranging between 9 and 14 percent. According to the WTO report, global trade in goods is expected to contract by 0.2 percent in 2025 under current tariff conditions, before rebounding modestly by 2.5 percent in 2026. Meanwhile, global trade in services – although not directly subject to tariffs -- is projected to grow by 4.0 percent in 2025 and 4.1 percent in 2026. The report also noted that despite a 2.9 percent increase in global goods trade and a 6.8 percent rise in services trade in 2024, global GDP grew by 2.8 percent. The total value of goods exports rose by 2 percent to reach US$24.43 trillion, while services grew by 9 percent to US$8.69 trillion. Services contributed 26.4 percent of global trade in 2024, marking the highest share since 2005. KN
Gulf Today
20-04-2025
- Business
- Gulf Today
UAE maintains trade leadership and competitiveness: Al Zeyoudi
Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, stated that the United Arab Emirates, guided by the directives of its wise leadership, continues to lead and maintain its competitiveness on the global trade map. This was reaffirmed by the latest World Trade Organisation (WTO) report titled 'World Trade Outlook and Statistics'. In statements to the Emirates News Agency (WAM), Al Zeyoudi highlighted that the UAE has consistently ranked among the top global trade hubs since 2014, holding the leading position in the Middle East and Africa for trade in goods and services, noting that trade in services accounts for 20 per cent of the UAE's total trade with the world. He attributed the significant growth in the UAE's foreign trade to the country's open economy, its ability to attract investors, flexible policies and regulations, and its Comprehensive Economic Partnership Agreements (CEPA) programme. These factors have helped forge a global trade network linking the UAE with international markets. He also underscored the pivotal role of semi-government entities and the private sector in boosting the country's global trade profile. Al Zeyoudi revealed that the UAE's foreign trade continues to achieve significant growth, with preliminary estimates indicating a 25 per cent increase in the first month of 2025. He added that the UAE ranked among the top global exporters of digital services in 2024, reflecting the ongoing development of this vital sector. Key service segments that recorded notable growth include finance, hospitality, information, and transport, with growth rates ranging between 9 and 14 per cent. According to the WTO report, global trade in goods is expected to contract by 0.2 per cent in 2025 under current tariff conditions, before rebounding modestly by 2.5 per cent in 2026. Meanwhile, global trade in services - although not directly subject to tariffs − is projected to grow by 4.0 per cent in 2025 and 4.1 per cent in 2026. The report also noted that despite a 2.9 per cent increase in global goods trade and a 6.8 per cent rise in services trade in 2024, global GDP grew by 2.8 per cent. The total value of goods exports rose by 2 per cent to reach US$24.43 trillion, while services grew by 9 per cent to US$8.69 trillion. Services contributed 26.4 per cent of global trade in 2024, marking the highest share since 2005. The United Arab Emirates recorded total foreign trade of Dhs5.23 trillion (US$1.424 trillion) in 2024, a 49 per cent increase from Dhs3.5 trillion (US$949 billion) in 2021, according to the World Trade Organisation's 'World Trade Outlook and Statistics' report. This robust growth reflects the UAE's strategic economic vision, reinforcing its position as the leading trade hub in the Middle East and Africa since 2014 and among the top 20 global trade centres for goods and services. In a global trade environment marked by 2.9 per cent growth in merchandise trade and 6.8 per cent in services trade in 2024, the UAE's performance underscores its resilience amid rising tariffs and uncertainties. The UAE climbed from 17th to 11th globally in merchandise exports and from 18th to 14th in imports between 2021 and 2024, contributing 2.5 per cent to global merchandise exports and 2.2 per cent to imports. Exports reached US$603 billion (Dhs2.2153 trillion), and imports totalled US$539 billion (Dhs1.9802 trillion) in 2024. The UAE ranked 21st globally in digital services exports, valued at US$52 billion (Dhs191 billion) in 2024, up from US$37 billion in 2021 and US$48 billion in 2023. Total digital services trade reached US$94 billion (Dhs345 billion), comprising one-third of services trade. Digital services imports, at US$42 billion (Dhs154 billion), also ranked 21st, contributing 1.1 per cent to global imports, reinforcing the UAE's role as a technology hub. Services trade totalled Dhs1.036 trillion (US$282 billion) in 2024, with exports of Dhs646.6 billion (62.4 per cent) and imports of Dhs389.4 billion. Information services grew by 14 per cent, tourism by 13 per cent, computer services by 12 per cent, financial services by 9 per cent, and transport, intellectual property, and insurance services by 8 per cent each, contributing 26.4 per cent to global trade, the highest share since 2005. The UAE accounted for 41.4 per cent of the Middle East's US$1.5 trillion merchandise exports, with regional exports growing by 3.7 per cent and services by 4.1 per cent in 2024. Globally, the UAE contributed 2 per cent to services exports and 1.3 per cent to imports, with service exports of US$176 billion (Dhs646.6 billion) and imports of US$106 billion (Dhs389.4 billion). The UAE advanced from 17th to 13th in services exports and from 19th to 21st in services imports between 2021 and 2024, with services comprising 20 per cent of total trade. In 2024, merchandise sectors grew, with office equipment and telecommunications at 10 per cent, electronics at 6 per cent, and agricultural products, food, and clothing at 3 per cent each. WAM
Al Etihad
20-04-2025
- Business
- Al Etihad
UAE maintains global trade leadership, competitiveness: Al Zeyoudi
20 Apr 2025 16:20 ABU DHABI (WAM) Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, stated that the United Arab Emirates, guided by the directives of its wise leadership, continues to lead and maintain its competitiveness on the global trade map. This was reaffirmed by the latest World Trade Organisation (WTO) report titled "World Trade Outlook and Statistics'.In statements to the Emirates News Agency (WAM), Al Zeyoudi highlighted that the UAE has consistently ranked among the top global trade hubs since 2014, holding the leading position in the Middle East and Africa for trade in goods and services, noting that trade in services accounts for 20 percent of the UAE's total trade with the attributed the significant growth in the UAE's foreign trade to the country's open economy, its ability to attract investors, flexible policies and regulations, and its Comprehensive Economic Partnership Agreements (CEPA) programme. These factors have helped forge a global trade network linking the UAE with international also underscored the pivotal role of semi-government entities and the private sector in boosting the country's global trade Zeyoudi revealed that the UAE's foreign trade continues to achieve significant growth, with preliminary estimates indicating a 25% increase in the first month of added that the UAE ranked among the top global exporters of digital services in 2024, reflecting the ongoing development of this vital sector. Key service segments that recorded notable growth include finance, hospitality, information, and transport, with growth rates ranging between 9 and 14 to the WTO report, global trade in goods is expected to contract by 0.2 percent in 2025 under current tariff conditions, before rebounding modestly by 2.5 percent in 2026. Meanwhile, global trade in services – although not directly subject to tariffs -- is projected to grow by 4.0 percent in 2025 and 4.1 percent in 2026. The report also noted that despite a 2.9 percent increase in global goods trade and a 6.8 percent rise in services trade in 2024, global GDP grew by 2.8 percent. The total value of goods exports rose by 2 percent to reach $24.43 trillion, while services grew by 9 percent to $8.69 trillion. Services contributed 26.4 percent of global trade in 2024, marking the highest share since 2005.
Khaleej Times
20-04-2025
- Business
- Khaleej Times
UAE foreign trade reaches Dh5.23 trillion in 2024 up 49% from 2021
The UAE recorded total foreign trade of Dh5.23 trillion in 2024, a 49 per cent increase from Dh3.5 trillion in 2021, data from the World Trade Organization showed. According to the global lender's World Trade Outlook and Statistics report, the UAE achieved a trade balance surplus of Dh492.3 billion ($134 billion) in 2024, down slightly from Dh573.1 billion in 2023, reflecting stability amid global challenges. The UAE climbed from 17th to 11th globally in merchandise exports and from 18th to 14th in imports between 2021 and 2024, contributing 2.5 per cent to global merchandise exports and 2.2 per cent to imports. Exports reached $603 billion (Dh2.2153 trillion), and imports totaled $539 billion (Dh1.9802 trillion) in 2024. Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said: 'In a world of economic and trade challenges, the UAE has prioritized openness, connectivity, and the free flow of trade, capital, and people, establishing itself as a vital link between East and West and a global economic centre. Our commitment to openness, trade liberalization, and global connectivity will ensure continued growth and leadership.' The UAE ranked 21st globally in digital services exports, valued at $52 billion (Dh191 billion) in 2024, up from $37 billion in 2021 and $48 billion in 2023. Total digital services trade reached $94 billion (Dh345 billion), comprising one-third of services trade. Digital services imports, at $42 billion (Dh154 billion), also ranked 21st, contributing 1.1 per cent to global imports, reinforcing the UAE's role as a technology hub. Services trade totalled Dh1.036 trillion ($282 billion) in 2024, with exports of Dh646.6 billion (62.4 per cent) and imports of Dh389.4 billion. Information services grew by 14 per cent, tourism by 13 per cent, computer services by 12 per cent, financial services by 9 per cent, and transport, intellectual property, and insurance services by 8 per cent each, contributing 26.4 per cent to global trade, the highest share since 2005. The UAE accounted for 41.4 per cent of the Middle East's $1.5 trillion merchandise exports, with regional exports growing by 3.7 per cent and services by 4.1 per cent in 2024. Globally, the UAE contributed 2 per cent to services exports and 1.3 per cent to imports, with service exports of $176 billion (Dh646.6 billion) and imports of $106 billion (Dh389.4 billion). The UAE advanced from 17th to 13th in services exports and from 19th to 21st in services imports between 2021 and 2024, with services comprising 20 per cent of total trade. In 2024, merchandise sectors grew, with office equipment and telecommunications at 10 per cent, electronics at 6 per cent, and agricultural products, food, and clothing at 3 per cent each. Industrial goods rose by 2 per cent, and chemicals and textiles by 1 per cent, while fuel and mining products fell by 7 per cent, iron and steel by 6 per cent, and automobiles by 1 per cent. Global merchandise exports grew by 2 per cent, reaching $24.43 trillion. The figures are in stark contrast to the anaemic growth in global trade last year, where merchandise trade rose 2.9 per cent and services trade expanded 6.8 per cent. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said: 'The UAE has solidified its status as a global trade hub. Ranking 11th in merchandise exports and 13th in services exports, with a trade surplus of Dh492.3 billion, the UAE achieved merchandise exports of Dh2.22 trillion and services exports of Dh646.6 billion, including Dh191 billion in digital services, reflecting 30 per cent growth and leadership in future-oriented sectors. These achievements stem from national efforts, flexible policies, and strong international partnerships. The UAE will continue to enhance its global role by facilitating trade, expanding collaborations, and integrating with global value chains.' Outlook amid global challenges 'The UAE's achievements reflect its strategy of innovation and diversification, positioning it to navigate a forecasted 0.2 per cent decline in global merchandise trade in 2025. Contributing to a 1.6 per cent regional GDP growth in 2024, with projections of 3.2 per cent in 2025 and 3.5 per cent in 2026, the UAE remains resilient. Its economic policies, strategic location, and advanced infrastructure solidify its role as a global trade hub,' a Government Media Office statement said.
