UAE tops GCC in diversifying export structure
Dubai, February 10, 2009
The UAE ranks first in the GCC in terms of non-oil contribution to the structure of total exports and declines in the contribution rate of oil exports, according to the World Trade Organization (WTO) annual report on foreign trade statistics for 2008.
The report titled “International Trade Statistics 2008” provides data on the international trade system and foreign trade statistics from countries all over the world.
The Emirates is followed by Saudi Arabia, taking note that the decline rate in the Kingdom’s case was 4 per cent only, with and 87.9 per cent dependence on oil exports.
Kuwait and Oman recorded the highest contribution rates of oil exports in the structure of their total exports, posting 95.8 per cent and 95 per cent, respectively, the report added.
The increase in rate of contribution in 2007 as compared to 2000 should be noted, particularly in Oman, where the figure was at 20 per cent.
The UAE enjoys relatively high rates of re-exports compared to other GCC countries, which affects the report’s comparative analysis, since the WTO statistics illustrate total export rates (combined exports and re-exports).
The report used a technical method where re-export data published by each GCC country was excluded in the report, after which the rates were re-calculated.
The UAE’s oil exports reached around $100.2 billion in 2007, making it one of the largest oil exporting countries worldwide.
The Emirates ranked fourth after the European Union ($291.5 billion), Russia ($225.3 billion) and Saudi Arabia ($205.8 billion).
UAE oil exports contributed 57.9 per cent to total national exports in 2007, representing a 9 per cent decrease compared to 63.7 per cent in 2000, it added.-TradeArabia News Service