Gulf Today, Staff Reporter

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, said that in 2022 UAE contributed 2.4% of the world's exports of goods, as it exported goods to the world worth $599 billion.

The Dubai Ruler, shared the World Trade Organization report on Twitter and said, “In a new report by the World Trade Organization, the UAE contributed 2.4% of the world's exports of goods, as it exported goods to the world worth $599 billion in 2022, with a growth of 41% over the previous year, and to be ranked 11th in the world among the world's commodity-exporting countries.

“According to the World Trade Organization, the UAE’s transactions of goods and services amounted to $1.27 trillion in 2022, with a surplus in our favor of $233 billion. What comes next in 2023 is more beautiful, bigger, and greater. We are an economic country.... and our national priorities are economies... and our relations with countries will remain based on developing the economy with all peoples.”

On the other hand, global trade growth in 2023 is still expected to be subpar despite a slight upgrade to GDP projections since last fall, WTO economists said in a new forecast on 5 April.

Weighed down by the effects of the war in Ukraine, stubbornly high inflation, tighter monetary policy and financial market uncertainty, the volume of world merchandise trade is expected to grow by 1.7% this year, following 2.7% growth in 2022, a smaller-than-expected increase that was pulled down by a sharp slump in the fourth quarter.