Non-oil exports and re-exports from Gulf Cooperation Council's (GCC's) member states have posted impressive growth rates in recent years with the European Union 15 countries (EU15) being a major destination of these exports. According to data published by EUROSTAT, Statistical Office of the European Communities, the UAE exports to EU15 peaked at $4.3 billion in 2003, representing only 0.4% of the latter total imports from the world.
The UAE exports' value to EU15 almost doubled since 1999 with a compound annual growth rate (CAGR) of 15.6%. In 2003, the UAE exports to EU15 have grown by around 34%.
