February exports experienced major growth, rising 54 percent to reach Dh 7.3 billion.
Non oil foreign trade in the UAE recorded incredible year-on-year growth in February, surging 28 percent.
Preliminary data and statistics from the FCA served as confirmation that non oil foreign trade in the UAE grew by Dh 15.3 billion, climbing from last year’s Dh 55.6 billion figure to Dh 70.9 billion this year.
A recent press release from the FCA reported that preliminary data in regards to February 2011 indicated a rise of 24 percent for imports, which grew from Dh 36.8 billion in 2010 to Dh 45.5 billion in 2011.
Significant growth was also recorded for exports, which rose from the Dh 4.7 billion seen in February 2010 to Dh 7.3 billion in 2011, a 54 percent increase.
Re-exports also reported high growth for the year-on-year figures, climbing from Dh 14.1 billion to Dh 18.1 billion, an increase of 29 percent.
In the UAE the overall volume of non oil trade hit around 6.5 million tonnes in February of this year. This included imports of 4.2 mn tonnes, exports of 1.6 mn tonnes and re-exports of 683,000 tonnes.
In terms of average weight, consignments and shipments of imports, exports and re-exports being handled through the various customs ports in the same month came to around 323,000 tonnes each day. This amount was based on 8 official working hours per day for 5 days each week and came in at 40,000 tonnes per hour on average.
Based on the press release by the FCA, the top ten exporters to the UAE were India, China and the United States, followed by Japan, the United Kingdom, Germany, Italy and South Korea. Turkey and Malaysia rounded out the list for February 2011. These ten nations accounted for Dh 29.2 billion, a 64 percent share of the total imports for the UAE.
In non oil exporting, the top ten list included India, Saudi Arabia and Switzerland, followed by Thailand and Kuwait, Hong Kong and Iran. Qatar, Turkey and finally Iraq completed this list of ten importers that brought in Dh 5.4 billion, a 73 percent share of the total UAE exports.
Re-exports for the UAE were topped by India, Iran and Iraq, followed by Qatar and Belgium, Hong Kong and Kuwait. Bahrain and Saudi Arabia were also included in the top ten, as was Thailand. These nations totaled Dh 14.4 billion in re-exports, an 80 percent share of the total UAE re-exports.
The non oil trade between the UAE and the GCC reached Dh 5 bn for February of 2011, including imports of Dh 2.1 bn, exports of Dh 1.1 bn and re-exports of Dh 1.8 bn.
Saudi Arabia remained at the top of the list for trading partners within the GCC, recording Dh 1.9 bn in total value. Kuwait was second in the GCC with Dh 940 mn, Qatar had Dh 9.5 mn, Bahrain had Dh 652 mn and Oman recorded Dh 559 mn.
The FCA stated that the value of total foreign between the UAE and Arab nations came to Dh 8.5 billion for February 2011, including imports of Dh 3.6 bn, exports of Dh 1.6 bn and re-exports of Dh 3.3 bn. Saudi Arabia held the top spot for Arab nations engaged in non oil trade with the Emirates. The Kingdom was followed by Sudan in second, as well as Oman, Iraq and Libya. Egypt and Palestine rounded up the list. Preliminary data for February of this year indicated that diamonds were the leading imports, with a total value of Dh 7.5 bn.Paul Holdsworth, Staff Writer, Gulf Jobs Market News