Badar Farooq (December 12, 2012)
As the rankings stated by World Trade Organization, UAE currently stands as the world’s 20th largest trade exporter of goods and merchandise. This is a great achievement given the fact that in the rankings UAE has surpassed Australia, Switzerland, Sweden and Brazil. UAE exported $285 billion in merchandise trade in the year 2011. This constituted for 1.6 percent of the world’s total export and the final figure reached to 1 trillion Dirhams. These figures were announced as the side news at 2012 Autumn Trade Fair which shows off the area’s best consumer goods. Apart from this UAE was ranked 25th in the worlds importers and figures proved it had imported merchandise worth $205 billion in 2011 which stands for 1.1 percent of the world’s total imports. The fact that the country holds such a high rank in both imports and exports proves its strong position in the global trade market.
Thanks to efficient and sound trade policies as well as maintaining itself as one of the biggest tourist destinations such were the achievements of the UAE in the world trade market that the total trade value of during the first half of 2012 reached Dh 499 billion. All of this can also be accredited to the sound economic policies carried out in UAE. These achievements are also due to the fact that Dubai has established itself as a main business hub for several markets operating worldwide, and a major tourist spot due to the hospitability it offers. Even though there was a setback with the real estate market crash in 2008 there is still hope thanks to steady growth even during the worst times. Since the economic downward spiral UAE as a state has achieved astounding growth and development.
The reason why UAE has been steadily growing after the recession is that it maintained the level of customer service it kept providing to its tourists by building new hotels and other attractions. Perseverance reaped success for the Emirates during the lean times.
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