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April 19, 2016 | 17:05 | Dubai
The United Arab Emirates (UAE) remains one of the world’s top trading economies, ranking 20th globally and first in the Middle East and Africa in commodity exports. It also placed 19th internationally in commodity imports and led the MENA region in overall commodity trade, with regional exports totalling $265 billion to account for 1.6% of the worldwide total in 2015.
The figures were taken from a 2016 report from the World Trade Organization (WTO), the intergovernmental organization which regulates international trade, unveiled recently at a news conference in Geneva organized by WTO Director-General Roberto Azevedo.
The WTO document further revealed that the UAE had a 31.5% share of the Middle East’s total exports in 2015 compared to 28% in 2014, as well as 30.8% of the region’s total imports. In terms of service trade, the country ranked 20th globally and first in the Arab World with service imports worth $68 billion, representing 1.9% of the world total and a 1.5% improvement over 2014. The UAE further strengthened its economic ties with the European Union last year, ranking 13th globally as the bloc’s trade partner. It advanced one rank over 2014 to 24th internationally and led the Gulf region in service exports to the EU at $19 billion.