|20 July, 2019

Chin-UAE trade hits $11.2bln in Q1

In 2018, China’s exports to the UAE rose by 3.2%

image used fot illustrative purpose A bank employee counts U.S. hundred dollar bills at Kasikornbank in Bangkok October 12, 2010.

image used fot illustrative purpose A bank employee counts U.S. hundred dollar bills at Kasikornbank in Bangkok October 12, 2010.

REUTERS/Sukree Sukplang

UAE – Bilateral trade between China and the UAE grew by 16.21% year-on-year to $11.2 billion in the first quarter of 2019, the Chinese Ambassador to the UAE, Ni Jian, told the Emirates News Agency (WAM).

The trade exchange between both countries went up by 11.37% year-on-year to $19 billion during the first five months of 2019, the top diplomat added.

"China-UAE trade is expected to maintain the momentum of rapid growth throughout 2019 and beyond," Jian stated.

In 2018, China’s exports to the UAE rose by 3.2% to $29.66 billion, while China’s imports from the UAE levelled up by 32.8% to $16.26 billion, compared to the year before.

"Our cooperation in commodities trade is optimising, with the UAE maintaining its status as China’s second-largest trading partner and top export market in the Middle East and North Africa region,” Jian commented.

The ambassador revealed that China’s investments in the UAE reached $9.1 billion in 2017, while Chinese Foreign Direct Investment (FDI) in the oil-rich country stood at $620 million in the same year.

Source: Mubasher

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