UAE-Germany trade stood at 10.7b in 2013
UAE-Germany trade stood at 10.7 billion in 2013, Massimo Falcioni, CEO of Euler Hermes for Gulf Cooperation Council (GCC) said on Tuesday expressing further optimism over trade relation between the two countries.
The total value of UAE-Germany imports grew by 2.5 per cent in 2013 at 798.9 million from 779 million in 2012.
Overall value of exports and re-exports between the UAE and Germany recorded at â¬9.9 billion in 2013, 1.7 per cent growth comparing to 2012 which valued at â¬9.7 billion.
Falcioni said that UAE is the largest GCC buyer of German products, adding that with the current economic trends the possibilities of cooperation between Germany and GCC countries are quite big, including logistics, health, education and energy.
In 2013, the total value of trade between Germany and GCC countries amounted to 26.5 billion compare to 25.1 billion in 2012, a 5.5 per cent increase.
“Strategic partnerships between Germany and GCC are bound to deepen given the diversification that both economies are undertaking. Already, the GCC region is attracting German companies that are seeking further opportunities and growth,” Falicioni said.
Gulf economies are likely to continue growing at a healthy pace amid steady government spending and increasingly buoyant private sector, he added.
For this year, it is projected that GCC economy will grow around five pe rcent. Meanwhile, Germany expects its gross domestic product to grow 1.8 pe rcent in 2014, more than four times faster than in 2013, driven by capital investment, according to Euler Hermes.
“I have reasons to believe that the prospects are bright in terms of trade and business partnerships between Germany and GCC. This should spur more business opportunities across all economic sectors,” Falcioni said.
Germany is Dubai’s ninth largest trade partner with total non-oil trade worth Dh34.7 billion in 2012, which is up from Dh28.2 billion in 2011, an increase of 23 per cent, according to Dubai Chamber of Commerce and Industry.
The total value of Dubai-Germany imports touched Dh32.3 billion in 2012 while exports reached by Dh1 billion and re-exports registered at Dh1.3 billion.
Vehicle, aircraft and other transport equipment top the list of trading commodities between the Dubai and Germany followed by machinery, electronics, chemicals, base metal and plastics, according to Dubai Chamber.
“Dubai Chamber has been working to strengthen business ties with Germany for a number of years,” Hamad Buamim, President and CEO, Dubai Chamber of Commerce and Industry, said.
Dubai Chamber has a total of 623 partnership and full ownership German companies among its members at present, which operate across various industry sectors.
Dubai Chamber has been working in partnership with Hamburg Chamber of Commerce to build stronger ties and cooperation across key industry sectors of shared expertise.
“Together, we have co-organised four sessions of the Dubai-Hamburg Business Forum, held alternately in each city during the past seven years. This has explored business and investment opportunities in sectors including maritime, logistics, trade and green technologies,” Bu Amim said.
- State of the Arab World Economy report 2016: diversify, tax, slash subsidies
- Arab investors won't dump the Trump despite anti-Muslim remarks
- UAE economy minister projects high growth despite oil prices
- UAE can set the pace for innovation in the Middle East: IBM vice president
- Business community welcomes UAE's deficit-free budget
- Here's to hoping: UAE, Germany hopeful Iran's nuclear dispute will be permanently resolved
- A third of participants express optimism for trading in 2012 at first ‘Dubai CEO Forum’
- UAE and Germany agree on several initiatives to increase economic, investment, and trade cooperation
- Dubai Chamber members’ exports to GCC countries grew by 51% in 2012