UAE non oil foreign direct trade volume reached AED792 billion in first 9 months of 2015

ABU DHABI 2nd February 2016 (WAM) -- The UAE's non-oil foreign direct trade was remarkably stable during the first nine months of 2015 despite a decline in the growth rates of the global economy and a slowdown in the growth of the Chinese economy during the period.

The preliminary statistical data of the Federal Customs Authority revealed that the UAE total direct non-oil trade from January until the end of September 2015 amounted to AED792 billion the same as the same period in 2014.

Commissioner Ali Al Kaabi Head of the Federal Customs Authority said in a press statement yesterday that the stability of the volume of UAE direct non-oil trade despite the economic crises in many countries of the world during the period reflects the strength of the UAE economy and the success of the economic diversification policy adopted by the state in the diversification of sources and improvement of the competitiveness of local products.

He stressed that the UAE non-oil foreign trade reflects an improvement in the UAE trade balance with many countries of the world and a decline in the deficit in light of the high pace of export growth and decline in the value of imports noting that the stability of the trade values reflects the continued confidence of traders and investors in the UAE economy and that the near future holds new investment opportunities in light of the expansion diversity and innovation policies adopted by the wise leadership.

He noted that the preliminary statistical data for direct trade revealed a decline in imports by 2% during the said period and a significant increase in exports by 25% despite the increase of slowdown and recession indicators in many international markets which reflect the quality of local products and industry and show that many traders and investors are replacing imported goods with local products. This also reflects the increase of international confidence in local products and their high competitiveness in many global markets.

He said that the results of the UAE policy in terms of productivity and industrial sector support began to show in light of the economic diversification policy adopted by the wise leadership. Al Kaabi said that he expected the coming years to witness a larger expansion of national products both inside and outside the UAE in light of the new federal government strategy for the UAE in the post-oil stage.

The FCA preliminary data indicated that the share of imports of the UAE total direct non-oil trade amounted to AED 504.4 billion during the first nine months of 2015 compared to AED 545 billion during the same period of the previous year recording a fall of 2%.

The native gold and semi-processed gold sectors come on top of the imported goods list during the first nine months of the previous year recording AED 73.3 billion with a share value of 15% of the total non-oil imports.

Vehicles came in second place on the list of imports with a value of AED 35.9 billion at 7% non-composite diamonds with a value of AED31.2 billion i.e. 6% followed by mobile phones recording AED 23.5 billion with 5% then ornaments jewelry and precious metals with a value of AED 20.1 billion dirhams with 4% of the total non-oil imports during the period.

The FCA stated that the UAE exports tremendously grew tremendously by 25% during the first nine months of 2015 reaching AED 122 billion compared to AED 97.3 billion during the same period of the previous year.

Gold exports came on top at a value of AED 43.7 billion representing 36% of the UAE total non-oil exports followed by ornaments and jewelry with a value of AED 13.9 billion i.e. 11% then raw aluminum with a value of AED 12.5 billion with 10% then ethylene polymers in primary forms with a value of AED 4.4 billion forming 4% and finally copper wire with a value of AED2.5 billion representing 2% of the UAE's total non-oil exports during the said period.

Revenues from re-exports dropped by 8% recording AED 165.7 billion compared to AED 180 billion during the same period of the previous year. The FCA preliminary data indicated that the non-composite diamond came first as the best re-exported commodity during the first nine months of the previous year at a value of AED 34.1 billion dirhams representing 21% of the total re-exports followed by cars with AED 15.8 billion with 10% ornaments and jewelry with a value of AED 15.4 billion at 9% then mobile phones with a value of AED 12.8 billion with 8% and aerial vehicles parts with a value of AED 4.4 billion forming 3% of the total re-exports during the said period.

The UAE total non-oil trade volume reaches in terms of weight during the first nine months of 2015 approximately 131.8 million tons 51.3 million tons of which were imports and 73.4 million tons of exports and 7.1 million tons of re-exports.

With regard to the UAE trading partners map in the field of non-oil trade the FCA pointed out that the regional structure of UAE trading partners in the field of non-oil trade was stable in terms of regional shares during the first nine months of 2015 as Asia Australia and the Pacific region maintained the first rank on top of the non-oil trade partners with a share of AED 325.7 billion equivalent to 42% of the UAE total non-oil trade.

The European region came second with a share of AED 190 billion representing 25% of the total followed by the Middle East and North Africa Region with AED 130.6 billion 17% then the American and Caribbean Region with AED 75 billion with 10% of the total the West and Central Africa with AED 27.4 billion at 4% and finally Eastern and Southern Africa with AED 23.2 billion representing 3% of the UAE total non-oil trade during the said period.

With regard to the UAE non-oil trade with the GCC countries the FCA stated that the share of the UAE non-oil trade with the GCC countries during the first nine months of 2015 reached 10% of the total non-oil trade with the world amounting to AED 78.4 billion.

The Kingdom of Saudi Arabia came on top of the list of Gulf countries in terms of the value of UAE non-oil trade with a value of AED 30.3 billion at 39% of the total non-oil trade with GCC countries followed by Oman with a value of AED 18.6 billion or 24% Qatar with AED 11.1 billion at 14.2% Kuwait with AED 10.7 billion at 13.6% and finally the Kingdom of Bahrain with a value of AED 7.7 billion representing 10% of the UAE's total non-oil trade with GCC countries.

In terms of trade with Arab countries during the first nine months of the previous year the FCA preliminary data showed that UAE total non-oil trade with Arab states constituted 15% of total non-oil trade with the world at a value of AED 133.6 billion.

According to the FCA the non-oil imports to the UAE from Arab countries amounted to AED 37.5 billion during the first nine months of 2015 i.e. 7% of the total non-oil imports. The Kingdom of Saudi Arabia came on top of five Arab countries exporting to UAE with a value of AED 11.2 billion with 30% of the trade with Arab countries followed by Sudan with AED 4.1 billion or 10.9% the Sultanate of Oman with AED 3.9 billion i.e. 10.5% Libya with AED 3.5 billion i.e. 9% then Egypt with AED 2.5 billion 7% of the UAE total non-oil trade with Arab countries.

The UAE non-oil exports to the Arab markets during the first nine months of last year amounted to 40% of the UAE total exports recording approximately AED 48.4 billion. The Kingdom of Saudi Arabia came on top of five Arab countries importing from the UAE with AED 12.3 billion i.e. 25% of the UAE total non-exports to Arab countries followed by Oman with a value of AED 7.9 billion with 16% Iraq with AED 7.3 billion at 15% Kuwait with AED 4.8 billion i.e. 10% and finally Qatar in 5th place with AED 4.2 billion constituting 9% of the total non-oil exports of the UAE to Arab countries.

The FCA indicated that the non-oil re-exported goods from the UAE to Arab countries during the first nine months of 2015 reached 29% of the UAE total non-oil re-exports i.e. a value of AED 47.8 billion. Iraq was ranked in the first place among the top five Arab countries to which the UAE has re-exported non-oil goods with a value of AED 12.9 billion forming 27% of the total re-exports to Arab countries followed by Saudi Arabia with AED 6.8 billion i.e. 14.3% then Oman with a value of AED 6.7 billion at 14.1% Qatar with AED 4.6 billion with 10% and finally Kuwait with AED 3.8 billion representing 8% of the total re-exports to Arab countries.