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Non Oil Foreign Trade in the UAE Up 22 Percent

UAE : 12 May 2011

The UAE economy is on the path to recovery with non oil foreign trade up by 22 percent on an annual basis in January of this year.

The Federal Customs Authority has put together data showing that foreign trade in the UAE went from Dh 57.6 billion up to Dh 70.2 billion in one year, a substantial increase of Dh 12.6 billion.

In January 2011 the growth rates are in line with those recorded in 2008 before the worldwide financial crisis hit, based on analysis by the FCA. This group noted that the increase is “clear evidence” that the economy of the UAE is on a path of recovery with trade and production rates returning to the normal levels experienced before the crisis.

Specifics indicated that exports grew an incredible 32 percent to reach Dh 7.5bn and imports rose by 21 percent to hit Dh 46.4bn. Re-exports expanded by 20 percent year-on-year to reach Dh 16.6bn, indicating that nations in the region are experiencing economic growth as well.

Leading exporters to the UAE in January included China, France, Germany, India and Italy, as well as Japan, Switzerland, South Korea, the UK and the United States. The total value of goods hit Dh 29.6bn and accounted for 64 percent of the overall imports.

In terms of non oil exports, the top ten nations importing from the UAE were Egypt, France, India, Iran and Hong Kong, as well as Kuwait, Qatar, Saudi Arabia, Singapore and Switzerland, reaching Dh 5.4bn or 71 percent of the UAE’s exports.

In re-exports the leading nations amounted to Dh 12.4bn including Bahrain, Belgium, Hong Kong, Iraq and Iran, as well as India, Kuwait, Oman, Qatar and Saudi Arabia. This accounted for 76 percent of the total re-exports from the UAE.

Overall the total amount of non oil foreign trade in the UAE-GCC region reached Dh 4.6bn for January, including Dh 1.8bn in imports, Dh 980mn in exports and Dh 1.8bn in re-exports.

The FCA also noted that the overall volume of foreign trade between the UAE in Arab nations was valued at Dh 8.2bn for January of 2011, including Dh 3.3bn in imports, Dh 1.6bn in exports and Dh 3.2bn in re-exports.

Saudi Arabia was the leading Arab nation, with Sudan, Oman and Iraq following behind, as well as Libya, Egypt and Palestine. Data indicated that gold was the leading item imported, with a total value of Dh 7.4bn, followed by diamonds at Dh 5.4bn, automobiles valued at Dh 2.5bn and jewelry and ornaments valued at Dh 1.9bn. Telephone sets totaled Dh 877mn, while tractor accessories, special use vehicles and goods and passenger vehicles totaled Dh 550mn.

Gold was also the leading item exported with a total value of Dh 3.9bn, followed by Ethylene polymers totaling Dh 300mn, petroleum and petroleum products valued at Dh 204mn and jewelry and ornaments totaling Dh 203mn. Leading re-export items included diamonds valued at Dh 6.1bn and cars totaling Dh 1.1bn.

The FCA reported that the volume of trade in UAE free zones totaled Dh 604 million in January 2011.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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