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28 March 2024

UAE topped Arab countries in 2009 trade

The UAE’s trade of goods totalled $315bn in 2009. (FILE)

Published
By Nadim Kawach

The UAE overtook Saudi Arabia as the largest trading hub in the Arab region in 2009 while it was among the top 20 world nations in terms of exports of goods, according to official data.

The country’s trade of goods totalled about $315 billion (Dh1.15 trillion) last year, including about $175bn in exports and $140bn in imports, showed the figures by the Inter-Arab Investment Guarantee Corporation (IAIGC).

Citing World Trade Organisation (WTO) statistics, the report showed the UAE was the world’s 19th largest exporter of goods in 2009 and the 24th largest importer. Saudi Arabia, the world’s dominant oil power, was ranked 18th in exports and 30th in imports of goods.

The UAE and Saudi Arabia were the only Arab nations to be included in the top 20 exporting countries and among the largest 30 importing states.

The UAE had been second to Saudi Arabia in the Arab world in terms of commercial exchange before it overtook the kingdom in 2009 mainly because of slow growth in Saudi Arabia’s imports and steep decline in its oil exports due to lower crude prices and a cut of more than one million barrels per day in oil supply.

A large part of the UAE’s non-oil trade is handled by Dubai, the region’s commercial entrepot that handles more than 20 per cent of the Gulf non-oil trade.

The UAE maintained its strong global status in terms of imports last year despite a decline in its imports of goods because of slower domestic demand after several years of a steady growth before it was reversed by the global crisis.

The report by the Kuwaiti-based IAIGC, a key Arab League establishment, showed the UAE accounted for about 1.4 per cent of the world’s total exports and 1.1 per cent of the global imports of goods. Saudi Arabia accounted for 1.5 and 0.7 per cent of the global exchange, respectively.

China emerged as the largest global exporter, with a value of about $1.2trn, accounting for nearly 9.6 per cent of the world’s total exports of goods.

The United States was the top importer last year, with a value of about $1.6trn, amounting to about 12.7 per cent of the world’s total imports.

Germany was second to China in the export list, with its export value standing at around $1.12trn, nearly nine per cent of the world’s total exports.

The US came third, with exports of about $1.05trn, accounting for nearly 8.5 per cent of the world’s total. It was followed by Japan, Netherlands, France, Italy, Belgium, South Korea and the United Kingdom.

China was the second largest importer in 2009, with an import value of around $1.006trn, nearly eight per cent of the world’s import of goods.

Germany came third, with about $931bn, accounting for about 7.4 per cent of the world’s total imports. It was followed by Japan, UK, Netherlands, Italy, Hong Kong and Belgium, according to the report.

It put the world’s total trade exchange at about $25.1trn, including around $12.46trn in exports and $12.64trn in imports.

The largest 30 exporting countries listed in the report accounted for around 82 per cent of the world’s total exports and 81.6 per cent of the total imports.