Recently released data by the Kuwait-based Inter-Arab Investment Guarantee Corporation (IAIGC) claimed that the United Arab Emirates (UAE) has emerged as the Arab region’s top market for goods in addition to finding slot in the world’s 30 largest importers in 2010. UAE has been ranked 25th largest global importer of goods and 19th exporter in the World last year.

UAE accounted for nearly 1.1 per cent of the World’s total imports of goods and 1.5 per cent of the global exports, according to latest figures released by the World Trade Organization.

Meanwhile, China beats US for the first time in terms of export but it is still behind US in terms of import. China’s import stood at 1.39 trillion while US imports totalled around $1.96 trillion.

John Sfakianakis, chief economist at Banque Saudi Fransi said, “First quarter export data show a healthy increase based on global demand for petchem products and plastics. Imports have also increased at a good pace based on domestic demand yet the double percentage difference between exports and imports is very good news for the country's current account which is on a surplus path this year.”