Monday 25 May 2020

RAK-GCC trade jumps 45pc to top $1.1bn in 2018

RAS AL-KHAIMAH, July 11, 2019

Ras Al Khaimah’s trade with the GCC Countries increased 45 per cent between 2010-2018, rising from Dh2.852 billion ($776 million) to reach Dh4.149 billion ($1.12 billion).

“The GCC countries represent the top trade partners with 29 per cent of the total foreign trade of Ras Al Khaimah in 2018,” said Eman Al Hayyas, assistant director general of the Commercial Services and Business Development Sector in Ras Al Khaimah Chamber of Commerce and Industry.

Al Hayyas added: “The GCC countries came on the top of the countries in terms of Ras Al Khaimah exports, as it increased between 2010 – 2018 with 78 per cent from Dh1.626 billion to Dh2.897 billion to reach 39 per cent of the total of exports in 2018; while imports from GCC countries increased with 40 per cent between 2010 – 2018 from Dh265 million to Dh372 million, representing 8 per cent of the total imports in 2018.

“On the other hand, Ras Al Khaimah re-export to GCC countries declined with 8 per cent from Dh961 million to reach Dh880 million, but it still represents the largest share among the other countries with 51.5 per cent of the total exports in 2018.”

Eman Al Hayyas highlighted that Sultanate Oman was on the top of the foreign trade list of the GCC countries in 2018, with the largest share of Dh1.862 billion representing 44.9 per cent, followed by Kuwait with Dh859 million making 20.7 per cent, Bahrain with 17.5 per cent totalled to Dh725 million, Saudi Arabia totalled Dh701 million with 16.9 per cent.

She further explained that Sultanate Oman was the largest recipient of Ras Al Khaimah exports among the GCC countries, with 35 per cent amounted to Dh1.012 billion of the total exports, followed by Kuwait with Dh834 million (29 per cent), Bahrain totalled Dh587 million with 20 per cent, Saudi Arabia with 16 per cent amounted to Dh462 million of the total exports from Ras Al Khaimah to the GCC countries.

However, in terms of the imports from the GCC countries to Ras Al Khaimah, Saudi Arabia came of the top with 37 per cent totalled to Dh137 million, followed by Bahrain with Dh126 million representing 34 per cent,  Oman with 24 per cent totalled Dh90 million, Kuwait with total of Dh18 million and 5 per cent of the total.

Moreover, the re-exports of Ras Al Khaimah to the GCC countries, Sultanate Oman represents the largest with 86 per cent of the re-exported goods to the GCC, totalled to Dh759 million, followed by Saudi Arabia with Dh102 million (11.6 per cent), Bahrain with total of Dh11 million representing 1.5 per cent, Kuwait totalled Dh6 million with 1 per cent of the total re-exports to the GCC countries in 2018. – TradeArabia News Service


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