The UAE's non-oil foreign trade achieved a new record during the first nine months of 2022, reaching a value of more than 1.6 trillion dirhams. It achieved a growth of 19 percent, compared to the same period in 2021, 50 percent compared to the same period in 2020, and 29.6 percent compared to the same period in 2019.
A report issued by the Ministry of Economy on indicators and results of non-oil foreign trade for the first nine months of this year showed non-oil exports maintaining their strong performance, achieving 275 billion dirhams, with a growth rate of 9 percent compared to the same period of 2021.
The World Trade Organization expected trade growth to lose momentum in the second half of this year and warned of trade restrictions that would eventually lead to slower growth and lower living standards.
Those estimates indicate that global merchandise trade is expected to grow by 3.5 percent in 2022, or slightly better than the 3 percent projected in April. However, it will slow to 1 percent during 2023, down sharply from the 3.4 percent previously estimated.
Source (Emirati Gulf Newspaper, Edited)
