Abu Dhabi, 4th Nov. 2009 (WAM) -- UAE imports of cast iron rods were estimated at USD 6.77 billion in 2008, rising 237 per cent over 2007. This figure is 14 times more than the global growth rate of imports in 2008, according to a report by Ministry of Foreign Trade.

Turkey was the UAEs main source of cast iron rods in 2008, contributing 87 per cent of supply. China came second at 12 per cent, with the remaining 1 per cent coming from other global sources.

''UAE exports and re-exportation of cast iron rods were at around USD 90 billion in 2008, growing 34 per cent over 2007. Re-exportation data indicate that 99.4 per cent of exportation was directed towards the local market,''the report said.

The UAE was the worlds top importer of cast iron rods in 2008, accounting for 27 per cent of global imports. Germany came in second at 7 per cent, followed by the US at third with 4 per cent. The Emirates cast iron imports were around seven times more than that of the US. Hong Kong and France placed fourth and fifth at 3 per cent each. All in all, the total value of the UAEs cast iron imports was one & a half time more than the collective imports of the other mentioned countries.

International imports of cast iron rods were estimated at USD 24.79 billion for 2008, growing 17 per cent over 2007 while exports of iron rods were estimated at USD28.18 billion in 2008, 24 per cent higher than in 2007.

The UAEs non-oil economic sectors have grown impressively within the last three years and have significantly influenced GDP growth.

The non-oil GDP economic contribution for 2008 is estimated at AED 590 billion, a 17 per cent increase over 2007.

The Emirates building and construction sector is considered the primary driver for this growth. It accounted for AED 69.2 billion of the GDP in 2008, rising 26 per cent from 2007 and exceeding the growth rate of the non-oil GDP by one & a half time. This increased the sectors contribution to non-oil income to 11.6 per cent, surpassing the 10.6 per cent of financial projects and the 6.4 per cent of governmental services.

These high growth rates increased the need for materials such as cast iron rods, which are exported by the UAE as intermediary commodities necessary for the development of the building and construction sector. Analyses of and comparisons among local and international data on rod imports show that the UAE has bested more mature companies as the worlds top importer of cast iron rods. This report sheds further light on this achievement.

The data reveal the leading role of the UAE in the international trading of cast iron rods, emerging as the worlds number one importer of the commodity in 2008 with a 27 per cent share of world imports. The UAE thus has a significant influence on the international trade of this product, and the results reflect the UAEs rapid economic development especially as iron has become an intermediate commodity.

- Cast iron imports were concentrated in two countries at 99 per cent: Turkey with 87 per cent and China with 12 per cent. The other countries of the world contributed 1 per cent.

''We should thus emphasize the diversification of importation resources to protect the national economy, specifically by preventing overdependence on the importation of selected resources. We could experience a local economic recession should countries trading iron be exposed to serious circumstances that adversely affect their exports, ''the report concluded.

Copyright Emirates News Agency (WAM) 2009.