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Trade between UAE and rest of the world
The level of trade has intensified between the United Arab Emirates and the rest of the world. Since the UAE have become members of the World Trade Organization in 1996 the country has become more involved in international trade. The success of UAE's trade activity is revealed also by the trade surplus of 470,939 million AED in 2012. This trade surplus can be attributed to shipments of oil and natural gas.
The most important exports partners for the UAE are Japan 15.4%, India 13.4%, Iran 10.7%, Thailand 5.5%, Singapore 5.5%, and South Korea 5.3%. The most exported commodities are represented by crude oil 45%, natural gas, reexports, dried fish and dates. The country's exports in 20134 reached $368.9 billion, ranking the UAE on the 18th place in comparison with the rest of the world countries.
The most important imports partners of UAE are India 17%, China 13.7%, U.S. 10.5%, Germany 5.1%, and Japan 4.2%. The most imported commodities are represented by Machinery and transport...
The country's imports in 2013 reached $249.6 billion, ranking the UAE on the 21st place in comparison with other world countries (Trading Economics, 2013). In addition to this, the UAE also imports pearls, precious metals and stones, base metals and articles, electronic equipment, and others.
The UAE balance of trade is likely to continue its ascending direction. The balance of trade is represented by the difference between the monetary value of UAE's exports and imports within the country's economy during certain periods of time. UAE's balance of trade reveals the fact that the value of exports is higher than the values of imports, determining trade surplus in the case of this country. The average balance of trade reported by the Central Bank of the United Arab Emirates is of 176,980 million AED.
The trade activity of the UAE can also be observed by analyzing its current account situation. Current account is represented by the sum of the balance of trade, net factor…
Reference list:
1. United Arab Emirates (2014). Central Intelligence agency, The World Factbook. Retrieved March 27, 2014 from https://www.cia.gov/library/publications/the-world-factbook/geos/ae.html.
2. UAE -- U.S. Economic Relationship (2009). Embassy of the United Arab Emirates. Retrieved March 28, 2014 from http://www.uae-embassy.org/uae-us-relations/economic-diversification.
3. UAE Balance of Trade (2013). Trading Economics. Retrieved March 28, 2014 from http://www.tradingeconomics.com/united-arab-emirates/balance-of-trade.
4. Malek, C. (2014). UAE and Australia will Team up on Defense, Trade, Education. The National. Retrieved March 28, 2014 from http://www.thenational.ae/uae/uae-and-australia-will-team-up-on-defence-trade-education.
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