(MENAFN - Khaleej Times) Trade between the UAE and China has increased five-fold over the past 10 years with a growth rate of 395 per cent to 15.654 billion in 2011 from 3.12 billion in 2002.
During this period, both countries achieved steady economic growth that was capable of overcoming the ramifications of the slowing global economy. Trade between the two countries is expected to grow faster in the future especially that China is now the world's second largest economy.
In a study released by the Ministry of Foreign Trade, or MoFT, on trade relations between the UAE and China on the sidelines of the UAE's participation in the Ningxia International Investment and Trade Fair 2012 and the 2nd China-Arab States Economic and Trade Forum - which are scheduled to take place on September 12-16 in the city of Yinchuan, the capital and largest city of the autonomous Chinese Ningxia region - the ministry stated that China maintained its status as the UAE's second largest trade partner.
The trade between the two countries grew to 15.6 billion in 2012, compared to 14.2 billion in 2011, growing at 10 per cent per annum.
The main imports from China were electronic appliances, tape recorders, cameras, mechanical tools, iron and steel. On the other hand, plastics, copper and its products, as well as iron and its products, were the UAE's main exports.
The Halal food industry in China should be explored further as the market was worth 2.5 billion last year having grown by 10 per cent from the year before, revealing that the Halal food sector in China is witnessing an increase in demand considering the presence of millions of Chinese Muslims.
The UAE, one of the fastest growing economies and China the second biggest economy have enormous opportunities in financing, real estate, construction and foreign trade, where the MoFT hopes to play an important role.
Ningxia is one of the top five agricultural provinces in China and has an abundance of fertile agricultural land. Many international companies are now investing there to benefit from the preferential treatment offered to them. It is also rich with mineral resources such as goal, gypsum, petroleum, natural gas, sandstone, quartz, iron ore, copper, silicon and others.
