Abu Dhabi posts 18% rise in non-oil trade
Abu Dhabi's non-oil trade surged by nearly 18 per cent in the first quarter of this year as the Emirate pushed ahead with an export drive and imported more products to meet growing business, according to official statistics.
The increase covered both exports and imports but the emirate's exports to neighbouring Iran declined sharply while those to other GCC countries and some Western states surged ahead, showed the figures by the Abu Dhabi Customs Department.
From Dh7.14 billion ($1.94 billion) in the first quarter of 2003, Abu Dhabi's non-oil trade soared by 18 per cent to Dh8.5 billion ($2.3 billion) in the first quarter of 2004.
Imports swelled by 12.8 per cent to Dh7.22 billion ($1.96 billion) from Dh6.4 billion ($1.74 billion) while exports nearly doubled to Dh741 million ($202 million) and re-exports jumped by 41 per cent to Dh493 million ($134.5 million). The report showed an increase in imports from most countries including the United States following a sharp decline last year.
From Dh516.3 million ($140.6 million) in the first quarter of 2003, imports from the US soared to Dh664.2 million ($180.9 million) in the first quarter of 2004 due to strong demand for US products caused by the weak dollar.
Imports from France also leaped to Dh837 million ($228 million) from Dh575.3 million ($156.7 million) while there was a 28 per cent decline in imports from Germany.
The figures showed there was a sharp growth in re-exports to most countries except Iran as they tumbled to Dh43.9 million ($11.9 million) from Dh103.3 million ($28.2 million).
Exports and re-exports to the Saudi Kingdom and other GCC members increased and there were modest rises in exports to India and Pakistan. (menareport.com)
© 2004 Mena Report (www.menareport.com)