Posted by Neil King
The UAE maintained its 2008 rank as the 19th largest global merchandise exporter last year, new research has found.
According to a Dubai Chamber of Commerce & Industry study, the UAE recorded export shipments worth $175 billion in 2009.
While this was lower than the $232 billion recorded in 2008, the UAE managed to maintain its share of 1.4 per cent of global exports over the period, the chamber said.
The body attributed the trade decline to the sharp contraction in worldwide demand, among other factors, following the global financial crisis.
However, it noted that a UN report has predicted that world trade will post growth of 7.6 per cent this year after a decline of about 13.1 per cent in 2009.
"The UAE being a small open economy, with the trade sector representing a substantial share in its GDP, … is expected to recover in tandem with the world trade expected upward trajectory," commented the chamber.