Essay --

Statistical Interpretation of United Arab Emirates Trading Patterns I have chosen to research the trade patterns of United Arab Emirates because, in my view, it is one of the most important players in the world in terms of trade. Furthermore, trade has influenced the living standard in this area, such that, the standard of living in Dubai, for example, has increased comparably. United Arab Emirates has mostly developed due to the petroleum and natural gas exports. In the following paragraphs I will present statistics and data regarding not only oil and natural gas trading patterns, but also commodities. The United Arab Emirates is one of the 10 largest oil and natural gas producers in the world, and is a member of the Organization of the Petroleum Exporting Countries (OPEC) and the Gas Exporting Countries Forum (GECF). The UAE has had a great impact on oil trade because of its natural endowments. According to OPEC, its share of world reserves is of 8.1%. The most abundant factor of production, oil, has brought them a comparative advantage and specialization, which contributed to the country’s development. According to the data presented by Central Intelligence Agency, United Arab Emirates was ranked on the 24th place in the world in terms of total Imports and 19th place in total exports in 2012. https://www.cia.gov/library/publications/the-world-factbook/rankorder/2078rank.html In the WORLD FACTBOOK it is said that the UAE has an open economy with high per capita income. In recent years, successful efforts have been made regarding economic diversification and nowadays, the GDP based on oil and natural gas output has decreased to 25%. Since the discovery of oil 30 years ago, UAE has been through important transformations and h... ...in 2012, a 38% increase since 2011. However, imports to the US from the UAE have remained approximately the same, at over $2 billion. The data can be found on the website of the US Census Bureau: http://www.census.gov/foreign-trade/balance/c5200.html#2010 As a conclusion, I believe that United Arab Emirates are focusing more and more on diversifying their exports and not depending so much on the oil ones. As far as their partners are concerned, I believe that in the future India will continue to be the top trading partner of UAE, being followed by China and Japan. China is in need of more and more oil because it has recently been ranked as the World’s top importer of crude oil. Japan, on the other hand, continues to depend on the Middle East countries for oil imports, being the world’s third largest net oil importer. (US Energy Information Administration).