Abu Dhabi Department of Finance (DoF), the financial arm for the Government, announced that the Emirate's total foreign trade for 2008 increased to AED102.779 billion, posting a sharp growth of 37.5 per cent over AED74 billion reported in 2007, on imports, exports and re-exports of non-oil products.
According to the report released by DoF for 2008, total value of imports for the full-year 2008 was AED90.284 billion, up 42.6 per cent, over year 2007 import value of AED63 billion. Abu Dhabi also reported a significant increase in exports and re-exports last year, rising to AED6.255 billion and AED6.240 billion, respectively, from AED5.805 billion and AED 5.615 billion in 2007.
Sheikh Mohammed Bin Khalifa Al Nahyan, Chairman of DoF, said, "These remarkable milestones attained amidst the global financial crisis and unprecedented market conditions bear testimony to the forward-thinking, insightful, and inspiring economic strategy of Abu Dhabi Government as envisaged by His Highness Sheikh Khalfia Bin Zayed Al Nahyan, the President, and His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of UAE Armed Forces, to raise the profile of the Abu Dhabi as the region's catalyst for trade and economic boom."
He added: "DoF is committed to bolstering and optimizing the role of Customs in facilitating foreign trade and generating more revenue as articulated in the key priorities of 2009-2013 Strategic Plan. Additionally, DoF is planning to launch new initiatives to upscale the role and boost performance of customs by installing state-of-the-art technologies and equipment and concluding agreements with international customs authorities for a faster, smoother and more transparent flow of people and goods to and fro Abu Dhabi."
Abu Dhabi 2008 foreign trade figures show that the Kingdom of Saudi Arabia topped other countries in imports figures, at AED12.79 billion, followed by Japan (AED10.857 billion), US (AED9.146 billion), Germany (AED8.627 billion). Oman topped re-exporting countries from UAE, accounting for AED1.1 billion followed by Qatar (AED894million), KSA (AED859 million) and India (AED719 million).
Qatar topped the list of exports from Abu Dhabi at AED1.17 billion followed by KSA (AED914 million), China (AED607 million), and Iran (AED485 million).