Oil not so slick! Non-oil exports surge in the UAE
The non-oil foreign trade sector in United Arab Emirates surged to nearly Dhs1 trillion during 2011, according to recent figures released by the Federal Customs Authority (FCA).
With a year-on-year growth rate of 23 percent, the UAE's non-oil trade in 2011 increased by Dhs173.4 billion, up from Dhs754.3 billion in 2010 to Dhs927.7 billion in 2011, the FCA said. It added the growth was the result of “successful policies followed by the government”.
"Ten countries dominate around 61 percent of the total value of the imports of UAE. The total value of UAE imports was about Dhs369.6 billion in 2011. India comes on the top of these countries with an import volume of Dhs105 billion, followed by China with Dhs55 billion, USA with Dhs52.3 billion, Germany with Dhs30.7 billion and Japan with Dhs30 billion," the FCA said in a statement.
"Ten countries receive around 69 percent of the UAE's exports, which totalled Dhs78.3 billion. India came in the first place, followed by Switzerland and Saudi Arabia.”
The value of non-oil trade between the UAE and GCC amounted to Dhs63.2 billiob in 2011, with Dhs27.8 billion worth of imports, Dhs13.2 billion worth of exports and Dhs22.1 billion of re-exports.
"The UAE's total foreign trade with Arab countries in terms of value amounted to Dhs116.4 billiobn in 2011 with Dhs54.6 billion worth of imports, Dhs21.9 billion worth of exports and Dhs40 billion of re-exports."
Saudi Arabia topped the list of Arab states in terms of non-oil trade with the UAE in 2011, followed by Sudan, Iraq, Oman, Morocco, Kuwait , Bahrain, Libya, Egypt, Qatar, Lebanon, Jordan, Yemen, Algeria, Syria, Mauritania, Somalia, Tunisia, Palestine, Djibouti and Comoros.
The preliminary statistical data of 2011 showed that gold ranked first among imports with a value of Dhs99.9 billion, followed by diamonds with Dhs59.3 billion, cars with Dhs28 billion, ornaments and jewellery worth Dhs23.3 billion and telephones with AED 7.3 billion.
Gold, according to FCA, also came first among exports in 2011 with Dhs62 billion, followed by fire-fighting, guiding equipment and ships with Dhs4.3 billion, petroleum oils and other derivatives with Dhs3.8 billion, un-fabricated aluminum with Dhs2.1 billiob and ornaments and jewelry with Dhs2 billion.
- 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