The UAE’s non-oil foreign trade recorded 14 per cent year-on-year growth last year as it jumped to Dh754.4 billion from Dh660.4 billion in 2009, a report said on Tuesday.
The report, released by Ministry of Foreign Trade (MoFT), said the UAE’s foreign trade did not take a downward trend throughout the past 10 years except for the year 2009 in the wake of the global financial crisis which led international trade to shrink by 13 per cent in the same year. Exports grew by 27 per cent in 2010 to account for 11 per cent, or Dh83.1 billion, of the UAE’s foreign trade in 2010, compared with 8.1 per cent in 2009, the report said.
“During the global financial crisis, gold and jewellery exports grew by 37 per cent to leverage the UAE’s foreign trade growth to eight per cent. In 2010, non-oil exports, except for gold, could achieve a 24 per cent growth rate,” it said. Between 2008-2010, the UAE’s technology exports accounted for about 25 per cent of the total exports. Geographical distribution of exports The MoFT’s report shows that UAE goods had presence in 198 markets around the world, with 12 markets valued over Dh1 billion dominating 77 per cent of the total exports and 137 markets receiving three per cent of the total exports each.
Asian markets were the largest destination of UAE exports taking up to 47 per cent, followed by European markets with 23 per cent while American and African markets accounted for only eight per cent.
The 12 market which account for 77 per cent of the UAE total exports grew by Dh16.4 billion, or 92 per cent of the growth of the country’s exports. Traditional partners such as India and Switzerland took the lead. The increase in UAE’s exports to India alone reached Dh6.1 billion in 2010, or a third of the total increase, followed by Switzerland with Dh4.7 billion.