The UAE gained the leading position in one more sphere

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The United Arab Emirates (UAE) is an exemplary Arab oil monarchy that has created an enormous wealth investment fund thanks to oil and has amazed the planet with the scale of infrastructure construction.

Other segments of the economy, not related to oil, are also actively developing. Production in non-oil exporting sectors, such as electronics, light industry and vehicles, supported by a considerable number of free trade zones, is considerably expanding.

The UAE economy is incredibly open and dynamic, this country is a true center of trade and entrepreneurship.

According to international trade statistics of 2017, the UAE has advanced four places in the export sector since 2014. The Arab Emirates occupy the 15th position, which is higher than Russia, Spain and Switzerland in the ranking. The country also retained its leadership position in the Arab region, the Middle East and Africa.

The UAE also moved up one place in the import and took the 18th position at the international level.

The reports include the annual monitoring of international trade performance of 2017 and the WTO forecasts for 2018 and 2019. The reports confirm that the UAE occupies the 21st position at the international level and the first place in the Arab region for the export of services, as well as the 17th line in the world and the first in the Arab region in the sphere of import of services.

In 2017, the growth in exports to the UAE was 20.4 percent, given that the world figure for the same period was 10.7 percent, and in the Middle East region it was 18 percent. The growth indicators of the UAE are the highest among the 15 largest international exporters.

With regard to imports, the indicator declined by 1.1 percent in 2017 compared to 2016, while imports in the world increased by 10.7 percent, and in the Middle East by 1.1 percent.

The UAE also achieved an increase in exports of services in 2017 by 7.5 percent compared to 2016 (US $ 70 billion), as well as a 1.9 percent increase in the volume of imports of services (US $ 84 billion).

The best exports of United Arab Emirates are gold, diamonds, aluminum and others.

The best export destinations of the United Arab Emirates are India, Iran, Switzerland and some others.

The UAE imports electronic equipment and household appliances, finished products, food, chemicals, synthetic materials, metal products.

The main import trading partners are China, India, the United States, Germany.

Trading firms of the UAE, in particular of the emirate of Dubai, are widely involved in re-export trade.