UAE non oil trade stable hits Dh792 billion

2/10/2016 6:32:35 PM

(MENAFN- Khaleej Times)

The UAE's non-oil foreign direct trade remained stable during the first nine months of 2015 and reached at Dh792 billion despite slowdown in global economy and Chinese market latest data shows.

The Federal Customs Authority's preliminary data showed that imports declined by two per cent during January-September 2015 period while exports surged by 25 per cent despite slowdown and recession indicators in many international countries indicating international confidence in local products and their competitiveness in many global markets.

The share of imports of the UAE's total direct non-oil trade amounted to Dh504.4 billion during the first nine months of 2015 as compared to Dh545 billion in the same period of 2014. Similarly the UAE's exports reached Dh122 billion during January-September 2015 period compared to Dh97.3 billion in corresponding period of 2014.

The native gold and semi-processed gold sectors come on top of the imported goods list recording Dh73.3 billion with a share value of 15 per cent of the total non-oil imports. Vehicles came in second with a value of Dh35.9 billion or seven per cent of the total non-oil imports followed by non-composite diamonds mobile phones jewellery and precious items.

In terms of exports gold came on top at a value of Dh43.7 billion representing 36 per cent of the UAE's total non-oil exports followed by ornaments and jewellery raw aluminium ethylene polymers and copper wire.

Ali Al Kaabi head of the FCA said the stability of the UAE's direct non-oil trade despite the economic crises in many countries reflects the strength of the UAE economy and the success of the economic diversification policy of the government. "In coming years I am expecting 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" he said.

Revenues from re-exports dropped by eight per cent at Dh165.7 billion compared to Dh180 billion during the same period in 2014. The non-composite diamond with a value of Dh34.1 villion or 21 per cent of total re-exports came first as the best re-exported commodity followed by mobile phones and aerial vehicles parts.

The data also indicates that Asia Australia and the Pacific region maintained the first rank on top of the non-oil trade partners with a share of Dh325.7 billion or 42 per cent of total UAE non-oil trade during the period. The European region came second with a share of Dh190 billion followed by the Middle East and North Africa American and Caribbean region West and Central Africa and Eastern and Southern Africa.

The FCA data showed that share of GCC countries reached 10 per cent of the total non-oil trade with the world amounting to Dh78.4 billion. Saudi Arabia came on top with a value of Dh30.3 billion followed by Oman Qatar Kuwait and Bahrain.

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