UAE's H1 2000 Trade with Japan Surges 75 Percent on Improved Oil Prices
Two-way trade between Japan and the United Arab Emirates (UAE), its top oil supplier, soared 75 percent in the first six months of 2000 on the back of the surge in crude prices, an official report said Tuesday.
Total trade in the first half of this year amounted to 8.284 billion dollars, up 74.1 percent from 4.758 billion dollars in the same period in 1999, said the Japan External Trade Organization (JETRO).
"The driving force behind this steep increase was mainly the rise in the price of mineral fuels that Japan imports from the UAE," JETRO said.
The value of exports from the UAE, which remains Japan's leading crude supplier, almost doubled to 7.001 billion dollars in the first six months of 2000 from 3.584 billion dollars the previous year.
Japan imported 204.14 million barrels of Emirati crude in that period, down slightly on 1999, but the value of imports surged on rebounding crude oil prices, whose barrel average JETRO said stood at 26.70 dollars in 2000 against 13.13 dollars the year before.
The UAE was also the third largest gas provider to Japan over the six-monthly period, cornering 12.2 percent of the market with imports to Tokyo worth 1.019 billion dollars.
After shrinking last year, Japan's exports to the UAE rebounded to reach 1.283 billion dollars, up 9.2 percent from 1.175 billion dollars in the first six months of 1999.
Machinery and equipment, including cars, buses and trucks accounted for most of the exports -- DUBAI (AFP)
© 2000 Al Bawaba (www.albawaba.com)