India, China Top Import Sources.

The UAE maintained its growth rate of non-oil foreign trade during the first eight months of 2010 of about 9 per cent, compared to the same period in 2009, according to official figures. Preliminary data released by the Federal Customs Authority (FCA) confirmed that the total value of UAE non-oil foreign trade increased from Dh436.4 billion in the first eight months of 2009 to Dh477.6bn, an increase of Dh41bn.

The FCA said continuing growth in the non-oil foreign trade assures evolution in economic growth. It also reflects the extent of success achieved through the policies pursued by the wise government in abating the negative repercussions of the global economic crisis. The FCA noted the unprecedented rise in growth rates in exports and re-exports compared to growth rates in imports, which confirms success of economic diversification policies pursued by the state in recent years in reducing the trade balance deficit with the outside world.

FCA also added that preliminary statistical data revealed a 3 per cent total growth of imports from Dh301.2bn by the end of August 2009 to Dh311.5bn. Exports witnessed a considerable 38 per cent growth, rising from Dh38.8bn in the first eight months of 2009 to Dh53.6bn in the same period in 2010. Similarly, re-exports witnessed 17 per cent growth, rising from Dh96.4bn to Dh112.5bn.

For August, the total volume of non-oil trade witnessed 20 per cent growth, rising from Dh54.8bn to Dh65.6bn. Data showed 92 per cent growth in non-oil exports from Dh4.7bn to Dh9.1bn in August 2010. Re-exports witnessed 22 per cent growth rising from Dh12.9bn to Dh15.7bn, and imports saw 10 per cent growth rate, rising from Dh37.2bn to Dh40.9bn.

The FCA pointed out that India, China, the United States, Germany, Japan, the United Kingdom, Italy, South Korea, Malaysia, and France, respectively, topped the list of exporting countries to the UAE in August with a total export value of Dh25.5bn; or 62 per cent of the total value of UAE imports. Most non-oil exports went to Norway, India, Switzerland, Saudi Arabia, Iran, Iraq, Qatar, Kuwait, Pakistan, and Hong Kong, respectively, with a value of Dh4.7bn or 82 per cent of the total UAE exports.

India, Iran, Iraq, Bahrain, Afghanistan, Saudi Arabia, Qatar, Pakistan, Belgium and Kuwait respectively topped the list of re-export destinations with a combined value of Dh11.7bn, constituting 75 per cent of the total UAE re-export value.

The total non-oil foreign trade with GCC countries reached Dh4.6bn in August 2010 - with Dh1.6bn imports, Dh948 million exports and Dh2 bn as re-export. Saudi Arabia maintained its position at the top trading partners in the GCC. Total value of trade between Saudi Arabia and the UAE reached Dh1.795bn. Next were Bahrain (Dhs904m), Oman (Dh638m), Qatar Dh631m), and finally Kuwait (Dh592bn).

Total foreign trade with Arab countries amounted to Dh8.9bn, led by Saudi Arabia, Sudan, Iraq, Egypt, Oman, Libya, Bahrain, Yemen, Kuwait, Lebanon, Morocco, Jordan, Qatar, Syria, Algeria, Tunisia, Somalia, Djibouti, Palestine, Comoros, and Mauritania, respectively.

Gold, (including gold plated with platinum) in unwrought, semi-wrought or powder forms, topped the list of imported goods, with a value of Dh5.4 bn, followed by diamonds.

Source : emirates247.com