Wednesday 24 January 2018
 
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UAE non-oil foreign trade surges to $213bn in H1

DUBAI, 29 days ago

UAE’s general trade volume from January to the end of June 2017 surged to Dh784 billion ($213 billion) compared to Dh777.6 billion ($211 billion) for the same period last year, said a report.

The UAE’s general trade volume kept increasing during the first six months of 2017, despite a decline in the growth rates of the global economy and an increase in the indicators of world trade decline during 2017, reported state news agency Wam citing data from the Federal Customs Authority (FCA).

The UAE’s non-oil foreign trade growth reflects the importance of the country’s position in the world trade exchange map and its leadership as a regional trade centre, stated the report.

UAE’s direct non-oil foreign trade formed 68 per cent of the total volume of general trade, valued at Dh535.5 billion. The share of free zone trade was 32 per cent valued at Dh248.6 billion.

The FCA preliminary data indicated that the share of imports of the UAE’s total non-oil general trade amounted to Dh477.8 billion during the first six months of 2017.

"The non-oil trade activity reflects an improvement in the UAE trade balance with many world countries and assures the confidence of traders and investors in the UAE economy," remarked Ali Al Kaabi, the head of the FCA.

The native gold and semi-processed gold came on top of the imported goods during the first six months of 2017, recording Dh68 billion with a share value of 14 per cent of the total non-oil imports,. he stated.

Mobile phones came in second place on the list of imports at a value of Dh44 billion at nine per cent; motor vehicles reached Dh26.5 billion or six per cent, followed by non-composite diamonds at a value of Dh24.5 billion, five per cent of the total non-oil imports during the said period, he added.

According to FCA data, the UAE’s exports reached Dh89.1 billion during the first six months with gold exports coming on top at a value of Dh26.4 billion, representing 29 per cent of the UAE’s total non-oil exports. This was followed by ornaments and jewellery at a value of Dh9.5 billion at 10 per cent.

The FCA preliminary data indicated that re-export was valued at AED217.2 billion during the first six months of 2017.

Mobile phones came first as the best re-exported commodity during the period at a value of Dh36.5 billion, representing 16 per cent of the total re-exports, then came non-composite diamond of Dh26.7 billion representing 12 per cent of the total re-exports.

On the UAE trading partners map, the FCA said the regional structure of the Emirati partners in the non-oil sector was stable regarding the region’s shares during the first six months with Asia, Australia and the Pacific region maintaining the top ranking with a share of Dh318 billion (43 per cent of the total non-oil trade).

The GCC share in the first six months constituted 11 per cent of the total non-oil trade with the world, amounting to Dh86 billion, it added.
 




Tags: UAE | GCC | foreign trade | non oil |

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