Saudi Arabia largest importer of gold from UAE

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DUBAI, 2nd August, 2016 (WAM) -- Saudi Arabia has been revealed as the largest importer of gold from the UAE for 2015, with a value of US$1.8 million, according to a recently-released Dubai Chamber of Commerce and Industry special report.

According to the report, the UAE is becoming increasingly competitive in Saudi Arabias import market, as the Kingdom constitutes the 2nd largest destination for UAE-made products after India.

The movement of goods between the two countries has been facilitated by the GCC customs unification procedures and efficient transportation system. According to UAE Federal Customs Authority data, the UAE recorded a AED40 million trade surplus with Saudi Arabia in 2014, as it gears up to release its 2015 data.

"The UAE is keen on maintaining the best trade relationships with Saudi Arabia," said Hamad Buamim, President and CEO of Dubai Chamber. "Strong exchange between GCC countries serves to boost the economic performance of the council as a whole and, consequently, of the entire Arab region. We need to cooperate amongst ourselves to implement all measures necessary to ensure an unobstructed flow of goods and services across borders, to the benefit of all parties."While Saudi imports from its neighbour are diverse, items such as pearls, precious stones, metals, and coins dominated the list in 2015, making up 22% of the UAEs total exports of these products, and 32% of the Kingdoms net global imports of the product group, worth US$3.7 billion. Moreover, 27% of Saudi Arabias imports of copper and copper articles (worth US$672 million) and 11% of its imports of articles of iron and steel (worth US$626 million), on the one hand, and raw iron and steel (worth US$507 million), on the other, came from the UAE, constituting 8%, 7%, and 6% of the latters total exports to the Kingdom, respectively.