Surge in exports led non-oil trade growth of 11.5% in first 10 months

February, 04th 2011

ABU DHABI — The non-oil foreign trade continued to maintain a steady growth of 11.5 per cent year-on-year in the first ten months of the year ending October 31, on the back of strong surge in exports.

Preliminary statistical data of Federal Customs Authority (FCA) issued on Sunday confirmed that the value of non-oil foreign trade in the period jumped Dh62 billion to Dh605.4 billion.

FCA said that the increase in the non-oil foreign trade mirrors the sound economic polices adopted by the UAE since the onset of the global financial crisis hit in September 2008.

The up take in trade volume suggests economic rebound and viability indicating more positive outlook and results in the near future, the authority said.

There has been a surge in exports and re-exports compared to imports.

The authority said the data for October reflected a 5.5 per cent year-on-year rise in imports during the first ten months of 2010 to Dh391.8 billion.

Exports jumped 37.4 per cent from Dh51.1 billion in the 10-month period to Dh70.3 billion.

Similarly, re-exports maintained a growth of 19 per cent year-on-year to Dh143.3 billion, FCA added.

The total volume of trade grew 14 per cent year-on-year in October 2010, as it jumped to Dh70 billion in October 2010. Preliminary data reflected a 27 per cent increase to Dh8.5 billion in non-oil trade exports for the same month, rising from Dh6.7 billion in year-earlier period. Re-exports amounted to Dh15.3 billion in October 2010, jumping 22 per cent year-on-year. Imports rose 10 per cent to Dh41.1 billion.

Each of India, China, the US, Japan, Germany, the UK, Italy, Saudi Arabia, Malaysia and France were the top ten exporters to the UAE in October 2010 with a total value of Dh24.5 billion, or 59 per cent of the imports.

On the level of non-oil exports, India, Switzerland, Brazil, Saudi Arabia, Qatar, Iran, Pakistan, Kuwait, China and Oman spearheaded importers from the UAE with Dh6.9 billion, accounting for 81 per cent of the UAE exports.

Meanwhile, India, Iran, Bahrain, Afghanistan, Iraq, Hong Kong, Saudi Arabia, Qatar, the UK and Kuwait topped the list in terms of re-exports with Dh10.9 billion, representing 71 per cent of the goods re-exported.

Gold took the first position among imports, with a value of Dh5.7 billion, followed by diamond with Dh3.2 billion, then cars valuing Dh2.5 billion. Ornaments and jewellery valuing Dh2.2 billion, telephone sets Dh1 billion, in addition to spare parts and accessories of tractors, vehicles for special uses, passenger vehicles and goods vehicles worth Dh516 million.

Source: khaleejtimes.com