By: Ahmed Al-Tayyari
Official data has revealed a 3% decline in Yemen’s trade volume during 2023, amounting to $10.89 billion compared to $11.24 billion in 2022.
Yemeni imports decreased by 3%, reaching $10.87 billion, compared to $11.23 billion in 2022. Notably, 70% of total imports were concentrated in liberated areas.
Oil derivatives topped the list of imports, with a value of $2.2 billion, accounting for 20% of total imports. Wheat followed with $913.5 million, representing 8%, and iron and its products ranked third with $648.7 million, making up 6%.
Meanwhile, Yemen’s domestic exports saw an extraordinary growth of 709%, rising to $13.1 million compared to just $1.6 million in 2022. Additionally, re-export values surged by 270% to reach $6 million.
On the trade balance front, Yemen recorded a trade deficit of $10.85 billion in 2023, showing slight improvement from the $11.23 billion deficit recorded in 2022.
Yemen’s import sources were diverse, with the UAE emerging as the primary supplier of oil derivatives, Australia leading in wheat, Turkey in iron, Brazil in sugar, Egypt in pharmaceuticals, and India in rice.
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