UAE foreruns latest Global Trade Index

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The United Arab Emirates leads the latest ranking of HSBC’s Trade Confidence Index outwitting other countries with a score of 141UAE foreruns latest Global Trade Index.
On its report, HSBC said that one of the major factors bringing the country on the top list is Dubai’s successful bid to host the world’s much awaiting event, the Expo 2020.
The bank stated that the winning bid will drive the non-oil industry to contribute much on the country’s growing economy.
Also, the UAE government’s initiatives on technology innovation has promoted as a key sector for investment.
Because of these, the country’s trade conditions are forecasted to improve more this year as the export market of the UAE is up rearing.
HSBC anticipated that in the upcoming years to 2030, the fastest-growing trade routes for the UAE will be concentrated in emerging Asia and include the likes of India, China and Malaysia.
However, growth rates of export routes to the developed world will slow downbut Japan, Australia and the US will still be important export destinations in level terms. Turkey and Saudi Arabia will also become increasingly important sources of demand.
UAE’s recorded score was nine points higher than six months ago and it is the country’s highest mark since 2009 where TCI was formed.

Mohamed Dekkak