UAE-Japan trade relations not doing very well in 2013
The value of Japan trade with the UAE dropped by 8.8 per cent to $24.8 billion (Dh91 billion) during the first six months of 2013 compared to $27.2 billion during the same period in 2012, said report release by Japan External Trade Organisation (JETRO) Dubai, Japanese government-related organisation that promotes trade and investment.
This drop attributed to 7.9 per cent decline in the average price and a one per cent decline in the volume of import of crude oil.
Japan’s exports to the UAE stood at $4.06 billion during January-June period of 2013, compared to $4.62 billion during the same period in the previous year, a 12 per cent decline.
According to the report, the drop in the value of exports was mainly attributed to the weakened demand in the UAE for general machinery, electrical machinery and iron & steel products, and to a lesser extent, passenger motor cars.
The report also said that one of the main factors contributed to the slide in the trade value was considered to be the ebb tide in Japan’s exports to the UAE during the period under review, following the surge in exports during the previous year after the resumption of production and exports from the tsunami affected areas of North Japan.
However, Hamad Bu Amim, Director General, Dubai Chamber of Commerce and Industry, told Gulf News: “Japan is a major trade partner of Dubai’s, ranking 8th largest last year, with non-oil trade worth Dh35.7 billion.
“This is a 26.5 per cent increase compared to 2011 when total non-oil trade valued Dh28.2 billion. Dubai Chamber has 138 partnership and full ownership Japanese companies among our members, who operate across a variety of different industry sectors.
“These are supported by the Japanese Business Council, which is one of 43 country-specific business councils operating under our umbrella,” he added.
Reconising the imports decline between the two countries, the report said that the drop in the average price of crude oils and a marginal decline in the volume of crude oil imports, the value of Japan’s imports from the UAE contracted by 8.1 per cent to $20.8 billion during the first six months of 2013, compared to $22.6 billion during in the same period in 2012.
Japan trade slowdown with the UAE is not a special case as the a 10.77 per cent contraction in Japan’s world trade was recorded during the first six months of 2013, which is mainly attributed to the slide in the price and volume of crude oils that Japan imported during this period, and a general decline in her exports of machinery and equipment, especially of passenger motor cars, the report said.
Japan’s world trade valued $762.3 billion during the January — June period of 2013, compared to $854.3 billion during the same period in 2012.
- Gulfnet collaborates on global cybersecurity platform
- Middle East poised to become an industry leader in 3D printing
- UAE Space Agency, Lockheed Martin ‘blast off’ with professional training program
- Show me the money: Lebanon addresses bank transfer delay problems
- Kuwait to receive French helicopters in $1.1B deal