Non-Oil UAE Trade Grew 23% To AED 524B In 7 Months
UAE non-oil foreign trade has been on the go for 7 months of 2011 compared to the same period of the previous year. The preliminary statistics released by the Federal Customs Authority (FCA) show that UAE non-oil foreign trade has grown for the staid period by 23% compared to the same period of the previous year as Total non-oil Foreign Trade has grown from AED 426 billion during the first 7 months of 2010 to AED 524 billion in the same period of 2011, i.e., an increase of AED 98 billion.
The preliminary statistics for the first 7 months of 2011 show a 22% growth in imports to increase from AED 276.3 billion during the first 7 months of 2010 to AED 337.1 billion for the same period in 2011, FCA said in an emailed press release.
On the other hand, exports witnessed an astounding growth by 45% for the same period with an increase from AED 44.5 billion to AED 64.7 billion. Re-exports, however, experienced a growth rate of 16% to go up from AED 105.2 billion to AED 122.1 billion for the same period.
For FCA, in terms of value, UAE total foreign trade in July, 2011 valued YoY AED 79 billion compared to AED 52.1 with an increase of 28%. July Imports, in turn, hit YoY AED 52.1 billion with an increase of 31%. Exports achieved YoY AED 10 billion with an increase of 51%. Yet, re-exports recorded a YoY increase of 10% to hit AED 16.9 billion.
However, weight-wise UAE total foreign trade in July, 2011 has hit 7.2 m tons, of which 4.6 m tons in imports, 1.9 m tons in exports and 691 thousand tons in re-exports.
According to the FCA press release, each of India, China, the US, Japan, Germany, Italy, the UK, South Korea, Belgium, and Saudi Arabia respectively, topped exporters’ list to the UAE in July, 2011 with a total value of AED 30.3 billion, or 58% of the UAE total imports.
In terms of non-oil exports, Switzerland, India, Saudi Arabia, Iran, Singapore, Turkey, Kuwait, France, Qatar, and Iraq respectively, spearheaded importers from the UAE with AED 7.4 billion, accounting for 75% of the UAE exports.
Meanwhile, Iran, India, Belgium, Iraq, Saudi Arabia, Afghanistan, Hong Kong, Switzerland, Kuwait, and Bahrain topped the list in terms of re-exports with AED 12.2 billion, representing 72% of the UAE total re-exports.
The total value of UAE-GCC non-oil foreign trade hit AED 5.2 billion in July, 2011, of which AED 2.4 billion in imports, AED 1 billion in exports and AED 1.8 billion in re-exports. Saudi Arabia maintained its first rank among GCC region’s trading partners with a total value of AED 2.4 billion in July, 2011. Kuwait came second with AED 795 million, followed by Bahrain (AED 780 million), Oman (AED 653 million) and finally Qatar (AED 595 million).
"UAE total foreign trade with Arab countries in terms of value amounted to AED 10.4 billion in July, 2011, with AED 5.5 billion worth of imports, AED 1.6 billion worth of exports and AED 3.2 billion of re-exports. Saudi Arabia topped the list of Arab states in terms of non-oil trade with the UAE, followed by Morocco, Sudan, Iraq, Oman, Bahrain, Egypt, and Comoros tailed the list," FCA further said.
The preliminary statistical data of July, 2011 showed that gold ranked first among imports with a value of AED 9.3 billion, followed by diamond with AED 4.1 billion, ornaments and jewelry with AED 2.2 billion, cars with AED 2.1 billion, and telephone sets AED 738 million.
Gold also came first among exports in July, 2011 with AED 5.9 billion, followed by petroleum oils and other derivatives with AED 262 m, and ornaments and jewelry with AED 190 million.
On the level of re-exports, diamond came first with a total value of AED 4.6 billion, ornaments and jewelry and related parts with AED 1.4 billion, telephone sets (AED 863 m), and cars (AED 789 million).
The total trade volume of UAE free zones and markets in July, 2011 amounted to AED 1.4 billion.
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