Friday, 16 April 2021 01:06 GMT

63 jump in non oil exports spur Abu Dhabi's foreign trade


(MENAFN - Khaleej Times)

Dubai: A significant jump in non-oil exports propelled Abu Dhabi's non-oil foreign trade to Dh169.11 billion in 2015 an 11 per cent increase as compared to the total value of trade in 2014 signalling a positive new phase in the emirate's successful economic diversification drive.

While the value of non-oil exports rose phenomenally at 63 per cent to Dh30.83 billion in 2015 value of imports through various customs ports recorded a surge of 10.5 per cent to hit Dh119.34 billion according to Abu Dhabi's General Administration of Customs.

Re-exports dropped 25.3 per cent to Dh18.93 billion compared to the previous year.Abu Dhabi's non-oil trade sector growth in 2015 at 11 per cent has surpassed the national non-oil trade surge of 10 per cent to hit Dh1.75 trillion in 2015.

Mohammed Khadem Al Hameli acting director general of the General Administration of Custom said all land sea and air customs ports in the emirate have contributed to the increased non-oil foreign trade in Abu Dhabi with the adoption of modern customs facilities and infrastructure best international customs standards and the presence of field and administrative customs officials trained according to the highest technical and academic levels. The big jump in non-oil trade driven by exports underscores Abu Dhabi's on-going drive to boost non-oil GDP. The emirate has already initiated a programme targeting non-oil GDP growth of eight per cent over the next 20 years through the development of the education healthcare and logistics sectors.

Abu Dhabi's Department of Economic Development Undersecretary Khalifa Salem Al Mansouri said recently that the emirate was on track for an annual non-oil growth of between six and eight per cent for the next 20 years. Under Abu Dhabi's Economic Vision 2030 the non-oil sector is expected to contribute 64 per cent of GDP. Oil's contribution to GDP had increased from less than 40 per cent in 2008 to around 50 per cent in 2014.

In a recent report the UAE Ministry of Economy pointed out a 10 per cent surge in non-oil foreign trade to Dh1.75 trillion in 2015 shows a rise in the country's competitiveness as a capital of regional trade. The value of the UAE's non-oil trade (inclusive of free zones trade) was valued at Dh1.632 trillion in 2014 while its direct trade totalled Dh1.072 trillion and the value of imports reached Dh696.4 billion.

World Trade Organisation WTO figures show that the UAE's exports amounted to Dh132.2 billion and re-exports totalled Dh243.7 billion.

The Ministry of Economy also noted that the rise in the volume of UAE trade zones in 2014 amounted to about Dh560 billion confirming that the country managed to achieve the top rank in International Trade Statistics for 2015 released by the WTO.

According to the report the UAE maintained its top ranking on the world trade map coming 16th globally in commodity exports and 20th globally in commodity imports.

In the area of service trade the UAE ranked 19th globally as service importer and 42nd globally in service exports.

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Issac John Associate Business Editor of Khaleej Times is a well-connected Indian journalist and an economic and financial commentator. He has been in the UAE's mainstream journalism for 35 years including 23 years with Khaleej Times. A post-graduate in English and graduate in economics he has won over two dozen awards. Acclaimed for his authentic and insightful analysis of global and regional businesses and economic trends he is respected for his astute understanding of the local business scene.


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