Analysis and Studies - Country Analysis
United Arab Emirates: a look at the market
December 21st 2023
United Arab Emirates is a country situated in West Asia, in the Middle East. It is located at the eastern end of the Arabian Peninsula and shares borders with Oman and Saudi Arabia. Abu Dhabi is the national’s capital, while Dubai is the most populous city, is an international hub.
Islam is the official religion and Arabic is the official language. The United Arab Emirates’ oil and natural gas reserves are the world’s sixth and seventh-largest, respectively. Furthermore It has the most increased economy among the members of the Gulf Cooperation Council.
However, in the 21st century the country has become less reliant on oil and gas and is economically focusing on tourism and business.
What’s more, the UAE is considered a middle power: it’s a member of the United Nations, Arab League, Organization of Islamic Cooperation, OPEC, Non-Aligned Movement, World Trade Organization and Gulf Cooperation Council (GCC).
A look at the market
In 2021, United Arab Emirates was the number 35 economy in the world in terms of GDP (current US$), the number 23 in total exports, the number 22 in total imports, the number 30 economy in terms of GDP per capita (current US$) and the number 55 most complex economy according to the Economic Complexity Index (ECI).
The top exports of United Arab Emirates are Crude Petroleum ($58.5B), Refined Petroleum ($42.5B), Gold ($32.8B), Broadcasting Equipment ($16.5B), and Diamonds ($13.6B), exporting mostly to India, with a substantial export value of $42 billion, Japan whose exports amounted to $24.8 billion, China, which contributed significantly with exports worth $22.8 billion, Saudi Arabia and Iraq played a pivotal roles in the global export market, with exports valued at $22.3 billion and $14.3 billion, respectively.
In 2021, United Arab Emirates was the world's biggest exporter of Sulphur ($937M), Limestone ($553M), and Gravel and Crushed Stone ($371M)
The top imports of United Arab Emirates are Gold ($46B), Broadcasting Equipment ($18.5B), Refined Petroleum ($16.7B), Diamonds ($13.6B), and Cars ($9.3B), importing mostly from China, whose imports amounted to $46.4 billion, India, which contributed with imports worth 25.4 billion, United States, with import value of $14.9 billion, Saudi Arabia and Germany with imports valued at $14 billion and $8.44 billion, respectively.
On the other hand, in 2021, United Arab Emirates was the world's biggest importer of Tug Boats ($1.02 billion) and Pitch Coke ($136 million)
Fonti:
https://oec.world/en
https://data.worldbank.org/
https://www.trademap.org/