Saudi Arabia: The largest importer of UAE gold

Published August 2nd, 2016 - 01:00 GMT
According to recent DCC report, Saudi Arabia was the largest importer of gold from the UAE for 2015. (File photo)
According to recent DCC report, Saudi Arabia was the largest importer of gold from the UAE for 2015. (File photo)

Saudi Arabia has been revealed as the largest importer of gold from the UAE for 2015, with a value of $1.8 million, according to a recently-released Dubai Chamber of Commerce and Industry special report.

According to the report, the UAE is becoming increasingly competitive in Saudi Arabia's import market, as the Kingdom constitutes the 2nd largest destination for UAE-made products after India.

The movement of goods between the two countries has been facilitated by the GCC customs unification procedures and efficient transportation system. According to UAE Federal Customs Authority data, the UAE recorded a Dh40 million trade surplus with Saudi Arabia in 2014, as it gears up to release its 2015 data.

"The UAE is keen on maintaining the best trade relationships with Saudi Arabia," said Hamad Buamim, President and CEO of Dubai Chamber. "Strong exchange between GCC countries serves to boost the economic performance of the council as a whole and, consequently, of the entire Arab region. We need to cooperate amongst ourselves to implement all measures necessary to ensure an unobstructed flow of goods and services across borders, to the benefit of all parties."

While Saudi imports from its neighbour are diverse, items such as pearls, precious stones, metals, and coins dominated the list in 2015, making up 22% of the UAE's total exports of these products, and 32% of the Kingdom's net global imports of the product group, worth US$3.7 billion.

Moreover, 27% of Saudi Arabia's imports of copper and copper articles (worth $672 million) and 11% of its imports of articles of iron and steel (worth $626 million), on the one hand, and raw iron and steel (worth $507 million), on the other, came from the UAE, constituting 8%, 7%, and 6% of the latter's total exports to the Kingdom, respectively.

 

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