Ras Al Khaimah sees growth in foreign trade in 2016: Report

Published April 23rd, 2017 - 09:17 GMT
Not being a producer of oil, Ras Al Khaimah has focused on developing its industrial sector, particularly mining and exporting iron ore. (AFP/ Christian Sprogoe)
Not being a producer of oil, Ras Al Khaimah has focused on developing its industrial sector, particularly mining and exporting iron ore. (AFP/ Christian Sprogoe)

Foreign trade in Ras Al Khaimah grew by 11.8 per cent in 2016 compared to 2015, according to a report published by the Studies & Commercial Cooperation Department at the Ras Al Khaimah Chamber, based on data from the Ras Al Khaimah Customs Department.

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Foreign trade in the Emirate grew by 11.8 per cent in 2016 to reach a value of AED 10 billion compared to AED 9.04 billion in 2015. Exports reached AED 3.78 billion, or 37.4 per cent of total foreign trade, followed by imports which reached AED 3.53 billion or 34.9 per cent while the re-export market reached AED 2.79 billion or 27.7 per cent of total foreign trade.

Dr. Ahmed Rashed Al Shemaili, Assistant Director-General of Commercial Service and Business Development Sector at Ras Al Khaimah Chamber added that the total weight of the Emirate’s foreign trade reached 68,644,584,751 kilogrammes last year, of which 63,634,723,748 kilogrammes were exports, 4,594,499,244 kilogrammes were imports, and 415,361,759 kilogrammes were in the form of re-exports.

Imports to the Emirate grew by 16.4 per cent to AED 3.53 billion in 2016 compared to AED 3.03 billion in 2015. Exports, increased by 6 per cent in 2016 to AED 3.78 billion compared to AED 3.56 billion in 2015. Re-exports grew by 14.3 per cent to AED 2.79 billion in 2016 compared to AED 2.4 billion in 2015, according to Raja’ Mohammad Bin Juma, Head of the Economic Studies Section at Ras Al Khaimah Chamber.

As for the geographic allocation of Ras Al Khaimah’s non-oil foreign trade activity in 2016, Juma said that RAK Free Trade Zone lead the way in exports to the Emirate with AED 971 million, representing 27.5 per cent of total imports to the Emirate. This was followed by imports worth AED 638 million from Japan at 18 per cent of the total, AED 400 million from South Africa at 11 per cent, AED 204 million from China at 5.8 per cent, followed by AED 184 million from the United States at 5.2 per cent of total imports to the Emirate.

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Other sources of imports to Ras Al Khaimah included Finland at 4.12 per cent of the total, Oman at 4.1 per cent, Bahrain at 4 per cent, India at 3.1 per cent, and Iran at 2.1 per cent.

As for exports from Ras Al Khaimah, Oman was the leading destination with a total value of about AED 906.8 million or 24 per cent of total exports, followed by Kuwait with a value of AED 855 million or 22.6 per cent, Qatar at AED 559 million or 14.8 per cent, followed by India at 12.7 per cent with a value of about AED 480 million, and Bahrain at about AED 281 million or 7.4 per cent of total exports.

Other destinations for exports from Ras Al Khaimah included Yemen at 3.9 per cent of total exports, Saudi Arabia at 2.97 per cent, Kenya at 2.94 per cent, followed by Jebel Ali Port at 2 per cent, and Iraq at 1 per cent. The rest of the Emirate’s exports were distributed among a number of other countries.

Oman also took first place in terms of re-exports through Ras Al Khaimah with a total value of AED 1.243 billion representing the lion’s share at 44.5 per cent. It was followed by Bulgaria with a total value of AED 920.8 million or 33 per cent of total re-exports through the Emirate, Azerbaijan with a value of AED 224 million at 8 per cent, RAK Free Trade Zone with a total of AED 102.8 million at 3.7 per cent, followed by Qatar with a total value of about AED 87 million at 3.1 per cent of total re-exports through Ras Al Khaimah.

Other destinations of re-exports through the Emirate included Georgia with a share of 2.67 per cent, Iraq with 1.1 per cent, followed by Kuwait, Saudi Arabia and shipping warehouses.

By Jessica Combes


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