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UAE non-oil foreign trade up 22% at Dh600 billion

By Abdul Basit DUBAI -- The UAE's non-oil foreign trade soared by 22 per cent in the first eight months of 2011, compared to same period in the previous year, despite a slowdown in trade activities in major parts of the world.

Total non-oil foreign trade of the country has grown from Dh492.5 billion in the first eight months of 2010 to Dh600.1 billion in the same period last year, showing an increase of Dh107.6 billion, according to preliminary statistics from the UAE's Federal Customs Authority, or FCA.

The country's exports witnessed a recorded growth of 40 per cent up to August last year that increased to Dh75.2 billion over Dh53.6 billion in January to August, 2010. Re-exports, however, experienced a growth rate of 15 per cent to go up from Dh121.4 billion to Dh139 billion for the same period.

Imports also jumped by 22 per cent to Dh386 billion last year, compared to Dh317.5 billion during the first eight months of 2010. Total year-on-year non-oil trade in August increased by 14 per cent to Dh 76.2 billion over Dh66.5 billion in 2010.

August imports also recorded an 18 per cent increase that reached Dh48.9 billion, while imports in the same month recorded a year-on-year jump of 15 per cent to Dh10.4 billion.

India, China, the US, Japan, Germany, South Korea, the UK, Italy, Switzerland, and France emerged as top exporters in August with a total value of Dh29.4 billion, or 60 per cent of total UAE imports.

On the level of non-oil exports, India, Switzerland, Saudi Arabia, Iran, Kuwait, South Africa, Iraq, Thailand, Turkey, and Hong Kong, respectively, spearheaded imports from the UAE with Dh7.7 billion, accounting for 74 per cent of the UAE exports.

The total value of UAE-GCC non-oil foreign trade reached Dh4.8 billion in August, 2011, of which Dh2.2 billion are imports, Dh1.1 billion are exports and Dh1.5 billion are re-exports. Saudi Arabia maintained its first position among the GCC region's trading partners with a total value of Dh2 billion in August, 2011. Kuwait came in second with Dh799 million, followed by Oman (Dh727 million), Bahrain (Dh679 million) and finally (Dh559 million).

The UAE's total foreign trade with Arab countries in terms of value amounted to Dh9.5 billion in August, 2011, with Dh5 billion worth of imports, Dh1.8 billion worth of exports and Dh2.7 billion of re-exports.

Saudi Arabia topped the list of Arab states in terms of non-oil trade with the UAE, followed by Iraq, Morocco, Sudan, Oman, Bahrain, Kuwait, Qatar, Egypt, and Comoros tailed the list.

The preliminary statistical data of August, 2011 showed that gold ranked first among imports with a value of Dh9.4 billion, followed by diamond with Dh4.2 billion, cars with Dh2.6 billion, ornaments and jewelry with Dh1.3 billion, and telephone sets Dh659 million

Gold, according to FCA, also came first among exports in August, 2011 with Dh6.6 billion, followed by petroleum oils and other derivatives with Dh334 million, and ornaments and jewelry with Dh173 million.

On the level of re-exports, diamond came first with a total value of Dh5.2 billion, ornaments and jewellery and related parts with Dh934 million, cars (Dh931 million) and telephone sets (Dh784 million). The total trade volume of UAE free zones and markets in August, 2011 amounted to Dh1.3 billion.

© Khaleej Times 2012