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UAE's non-oil trade hits $420 billion in 2016

ABU DHABI, May 8, 2017

Despite besetting economic pressures, the volume of UAE’s non-oil foreign trade, including direct trade and free zones, increased to Dh1.564 trillion ($420.8 billion) in 2016 from Dh1.556 trillion in 2015, a report said.

The statistics reflect the state of economic recovery and the growing competitiveness boasted by UAE products on different world markets, Ali Al Kaabi, head of UAE Federal Customs Authority (FCA) was quoted as saying by WAM, the Emirates official news agency.

The FCA report indicated that the country's imports grew slightly, by around two per cent during 2016, standing at Dh969 billion, compared with Dh952.3 billion in the previous year. Exports grew by 5 per cent to Dh195 billion, compared with Dh185.4 billion in the previous year, while the re-export volume reached Dh400.4 billion in the same year.

Asia, Australia and the Pacific countries topped the list of the most prominent trading partners of the UAE in the field of non-oil foreign trade, which reached a total of Dh624.7 billion, equal to 42 per cent of the total trade in the country.

Europe came second, with Dh339.6 billion, accounting for 23 per cent of total trade, followed by the Middle East and North Africa at a total of Dh275.5 billion, accounting for 19 per cent, and the United States and the Caribbean at a total of Dh147 billion, accounting for 10 per cent of UAE’s foreign trade.

The Eastern and Southern Africa regions ranked fifth, with a total of Dh47.4 billion, 3.2 per cent, while West and Central Africa’s Dh45.5 billion worth of trade marked 3.1 per cent of total non-oil trade in 2016.

Al Kaabi said that foreign trade with the Gulf Cooperation Council countries rose to 11 per cent in the past year, compare with the previous year.

The Saudi Arabia comes on top of UAE’s GCC trade partners with a total trade worth Dh71.6 billion, accounting for 43 per cent of UAE’s foreign trade followed by Oman at Dh31.9 billion, 19 per cent, Kuwait at Dh25.8 billion, 15 per cent, Qatar at Dh21.3 billion, 13 per cent, and finally Bahrain at Dh16 billion 10 per cent.

Arab countries account for 18 per cent of the UAE’s total non-oil foreign trade, said Al Kaabi, noting that the Arab countries represent main destination for UAE exports and re-export commodities.
 




Tags: UAE | Exports | Imports | Non-oil trade |

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