Friday 22 February 2019

UAE non-oil trade hits $318bn in first 9 months of 2017

DUBAI, February 1, 2018

The UAE's non-oil foreign trade surged to Dh1.17 trillion ($318 billion) during the period between January to the end of September 2017, up one per cent compared to Dh1.16 trillion during the same period the year before, reported state news agency Wam.

UAE General Trade volume keeps growing despite the decline in the growth rates of the global economy during 2017, stated the report citing the Federal Customs Authority (FCA).

The UAE 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, it added.

"The non-oil trade activity reflects an improvement in UAE trade balance with many world countries, and assure trader and investor confidence in the UAE economy," remarked FCA Commissioner Ali Al Kaabi.

UAE direct non-oil foreign trade formed 68 per cent of total volume of general trade, at a value of Dh800.6 billion. The share of free zone trade was 32 per cent, Dh371.5 billion.

FCA data indicated that the share of imports of the UAE total non-oil general trade amounted to Dh708.2 billion during the first nine months of 2017.

Native gold and semi-processed gold came on top of imported goods during the first nine months of 2017, recording Dh98 billion with a share value of 14 percent of non-oil imports totals, followed by mobile phones with a value of Dh66 billion at nine percent, and motor vehicles with Dh37.5 billion or 5.3 percent during the said period.

According to FCA, the UAE exports reached Dh139.1 billion, with gold exports coming in on top at a value of Dh41.2 billion, representing 30 per cent of total non-oil exports, followed by ornaments and jewelry with a value of Dh13 billion or 9.3 percent, raw aluminum at Dh12.8 billion (nine percent).

Ethylene polymers - in primary forms - followed suit with a value of Dh7 billion dirhams (five percent), and cigarettes and cigars with a value of Dh6.5 billion, representing 4.7 percent of the UAE total non-oil exports during the period.

FCA preliminary data indicated that re-exports value recorded Dh325 billion during the first 9 months of 2017.

Mobile Phones came first as the best re-exported commodity during the period at a value of Dh56.6 billion representing 17 percent of the total re-exports, then came non-composite diamond of Dh38 billion (12 percent), followed by motor vehicles with a value of Dh28.6 billion (nine percent), then, ornaments and jewellery with Dh21.6 billion (seven percent) of the total re-exports during the said period.

As for the UAE trading partners map, the FCA noted that the regional structure of the UAE trading partners in the field of non-oil general trade was stable in terms of regions shares during the first 9 months of 2017, so Asia, Australia and the Pacific region maintained the first rank on top of the non-oil trade partners with a share of Dh470.4 billion equivalent to 42 percent of the UAE's total non-oil trade.

Europe came in second place with a share of Dh244.3 billion representing 22 percent of the total, followed by the Middle East and North Africa region with Dh217 billion, or 20 percent.

UAE non-oil trade with the GCC countries constituted 11 percent of the total non-oil trade with the world, amounting to Dh127 billion.

The Kingdom of Saudi Arabia came on top of the Gulf countries in terms of the value of the UAE non-oil trade with a value of Dh58 billion (46 percent) of the total non-oil trade with the GCC countries, followed by Oman at Dh23.7 billion (19 percent), and Kuwait with Dh21.5 billion (17 percent).

The FCA data showed that the UAE total non-oil trade with Arab states constitutes 19 percent of total non-oil trade of the country with the world, with a value of Dh221.2 billion

Tags: UAE | non-oil foreign trade | Federal Customs Authority |

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