ABU DHABI 8 May 2017: In yet another sign of the country’s resilient economic growth policy, the UAE’s non-oil foreign trade in 2016 hit Dh1.564 trillion, a 1 per cent growth over 2015, according to UAE Federal Customs Authority (FCA).
Despite besetting economic pressures, the volume of UAE’s non-oil foreign trade, including direct trade and free zones’, increased to Dh1.564 trillion in 2016 from Dh1.556 trillion in 2015, FCA said in its preliminary statistical data, said Wam.
Commissioner Ali Al Kaabi, Head of FCA, said the statistics reflect the state of economic recovery and the growing competitiveness boasted by UAE products on different world markets in line with the directive of the UAE wise leadership to diversify the economy.
The FCA report indicated that the country’s imports grew slightly, by around 2per cent during 2016, standing at Dh969 billion, compared with Dh952.3 billion in the previous year. Exports grew by 5 percent 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 percent of the total trade in the country.
Europe came second, with Dh339.6 billion, accounting for 23 percent of total trade, followed by the Middle East and North Africa at a total of Dh275.5 billion, accounting for 19 percent, and the United States and the Caribbean at a total of Dh147 billion, accounting for 10 percent of UAE’s foreign trade.
The Eastern and Southern Africa regions ranked fifth, with a total of Dh47.4 billion , 3.2 percent, while West and Central Africa’s Dh45.5 billion worth of trade marked 3.1 percent of total non-oil trade in 2016.
Al Kaabi said that foreign trade with the Gulf Cooperation Council countries rose to 11 percent 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 Dh 71.6 billion, accounting for 43 percent of UAE’s foreign trade followed by Oman at Dh 31.9 billion, 19 percent, Kuwait at Dh 25.8 billion, 15 percent, Qatar at Dh 21.3 billion, 13 percent, and finally Bahrain at Dh 16 billion 10 percent.
Arab countries account for 18 percent 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.
By Rajive Singh