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UAE’s trade is expected to surpass $1.2 trillion in 2022 and continue to increase in 2023.

According to data from the World Trade Organization (WTO), the UAE’s trade in goods and services was over $1.27 trillion, including a surplus of $233 billion in 2017.

Sheikh Mohammed bin Rashid Al Maktoum, the Prime Minister of the United Arab Emirates and Ruler of Dubai, has predicted that trade will increase even more in 2023 based on the performance of the previous year.

He continued by describing UAE as an economically driven nation, noting that the expansion of its economy is the foundation of both its priorities at the national and international levels.

Surprisingly, the UAE ranked 12th in the world for exports of commercial services with $154 billion, or 2.2% of the total worldwide exports, while importing $95 billion, or 1.5% of the total global imports, in the same category. $249 billion was traded in services between the UAE and the rest of the world.

Thani bin Ahmed Al-Zeyoudi, Minister of State for Foreign Trade, asserted that the UAE government’s policies, driven by wise leadership, demonstrate their strength in bolstering the nation’s position in the global economy, establishing a new knowledge- and innovation-based economic model, and increasing competitiveness sustainably.

The UAE Cabinet authorised plans to double national re-exports over the course of the following seven years during a meeting on March 28. The Cabinet also went upon business accomplishments and trade agreements.

Re-exports are the exportation of products that had previously been imported into a nation with little to no change in their nature or worth.

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