UAE non-oil trade volume crosses Dh1tr
FIGURE STANDS AT DH1.612TR WITH GOLD REPRESENTING 27% OF EXPORTS
Despite a decline in the growth rates of the global economy during 2017, UAE’s general trade volume amounted to Dh1.612 trillion, compared to 1.599 trillion during the same period of 2016, recording a 1 per cent growth rate. Non-oil foreign trade was 67 per cent of general trade, valued at Dh1.075 trillion; free zone trade was 31 per cent and was valued at Dh497 billion; while the value of trade from customs warehouses was Dh39.4 billion.
“The non-oil trade activity reflects an improvement in UAE’s trade balance with many countries and assures traders and investors of confidence in the economy,” said Commissioner Ali Al Kaabi, head of the Federal Customs Authority (FCA), on Tuesday. Share of imports of the UAE non-oil general trade during witnessed a decline of 2 per cent compared to 2016 while re-exports saw an 11 per cent increase from Dh400.4 billion in to Dh443.1 billion in 2017. Exports were valued at Dh189.8 billion.
GCC countries account for a 10 per cent share of the total trade of the country with non-oil general trade amounting to Dh167.2 billion during 2017.
The biggest contributors were Saudi Arabia with, followed by Oman and Kuwait with a 21 per cent and 15 per cent share of the total non-oil trade with GCC countries respectively.
Data
Arab countries also represent a major destination for UAE exports as well as re-exports with trade reaching Dh287 billion during the year.
FCA data revealed that native and semi-processed gold accounted for 13 per cent of imports valued at Dh124.2 billion, followed by telephone equipment at 11 per cent with Dh111.3 billion and cars at 6 per cent, with Dh58 billion. Non-compounded diamonds amounted to Dh51.3 billion at 5 per cent and petroleum oils and bituminous mineral oils amounted to Dh35.7 billion with a 4 per cent share of total imports.
Gold represented 27 per cent of the UAE total exports, at a value of Dh51.4 billion, followed by the raw aluminium with a value of Dh20.1 billion with 11 per cent, ornaments and jewellery with a value of Dh16.5 billion, i.e. 9 per cent, cigarettes and cigars with a value of Dh11.5 billion representing 5 per cent and ethylene polymers in primary forms with a value of Dh9.1 billion with 5 per cent.