Japan-UAE trade surges more than 50 percent to $17.4 billion
Trade between Japan and the United Arab Emirates (UAE), its top oil supplier, surged by more than 50 percent to $17.42 billion in 2000, an official report said Monday, June 18.
The Japan External Trade Organization (Jetro) said the jump was caused by last year's sharp rises in oil prices that propelled the trade balance to $12.34 billion in favor of the UAE by the end of 2000.
Japanese imports amounted to $14.88 billion, up 68 percent, with mineral fuels accounting for more than 98 percent of the total, it said.
As Japan's top supplier of crude with a share of 25 percent, the UAE exported 395 million barrels for $11.4 billion at an average price of $28.84 a barrel, 68 percent up from $17.14 per barrel in 1999.
Emirati liquefied natural gas exports to Japan amounted to $1.05 billion, an increase of 47 percent over 1999.
In 2000, the Emirates also overtook Saudi Arabia "by a few million dollars" to retain its ranking as Japan's leading trading partner among the Gulf Arab states, Jetro said.
Two-way trade rose 53 percent from a 1999 total of $11.4 billion.
Japan's exports to the UAE grew only slightly last year, by 0.77 percent, to $2.54 billion. Machinery and equipment, including cars, accounted for 78 percent of the imports from Japan. ― (AFP, Dubai)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)