UAE exports are projected to cross $299bn by 2030, according to Standard Chartered
The UAE will be a key driver of global trade growth over the next decade, with its exports projected to grow at an average annual rate of more 6 percent to cross AED1.1 trillion ($299 billion) by 2030.
That’s according to a report by Standard Chartered which projects that global exports will almost double from $17.4 trillion to 29.7 trillion over the next decade.
The report reveals 13 markets that will drive much of this growth, identifies major corridors, including the UAE.
Additionally, the research found that 22 percent of global corporates currently do or plan to operate in the UAE within the next five to 10 years.
“This is evidence that the UAE will be a major driver of global trade growth over the next decade,” said the report.
It added that India and mainland China will continue to be among the largest export corridors for the UAE, accounting for 18 percent and 9.5 percent of total exports in 2030, respectively.
Singapore is a regional trade hub and strategic corridor for the UAE and is projected to grow at an average of 6.2 per cent per year until 2030.
Standard Chartered said the UAE is focusing on expanding its exports beyond petroleum and reinforcing its position as a gateway to MENA, adding that sectors including metals and minerals, gold and machinery and electricals will dominate exports in 2030.
The report, commissioned by Standard Chartered and prepared by PwC, is based on an analysis of historical trade data and projections until 2030, as well as insights from a survey of more than 500 C-suite and senior leaders in global companies.
Syed Khurrum Zaeem, managing director, head of Trade & Transaction Banking, Africa & Middle East, Standard Chartered Bank, said: “As part of its ambitious diversification plans from hydrocarbons, the UAE is successfully working towards cementing its position as the key trade gateway.
“India and Mainland China will continue to be among the largest export corridors for the UAE, accounting for 18 percent and 9.5 percent of total exports in 2030, respectively.
“With global trade expected to double by 2030, trade practices will need to be reviewed to be more equitable and sustainable. As an international bank with a unique footprint, we are continuously looking to innovate our products to help our clients implement fair-trade practices across their supply chains.”
SOURCE: arabianbusiness.com