Non-oil trade hits Dh759.8bn

UAE non-oil foreign trade in the first 10 months of 2011 surged to Dh759.8billion showing an increase of Dh137.3billion in comparison to the same period in 2010. Federal Customs Authority (FCA) initial statistical data indicates a year-on-year (YoY) increase of 22 per centin UAE's non-oil foreign trade from January to the end of October, 2011. The data for the first 10 months of 2011 indicate a non-oil foreign trade increase from Dh622.5billion in 2010 to Dh759.8billion in 2011 showing a growth of Dh137.3billion. Data on import growth reveals a 24 per cent increase, thus moving from Dh399.2billion in 2010 to Dh493.8billion in 2011 for same period. According to FCA, "Exports witnessed a growth rate hitting 34 per cent during the period in question due to a value increase from Dh70.2billion to Dh93.9billion. Re-exports, however, experienced a growth rate of 12 per cent to go up from Dh153billion to Dh172.1billion for the same period." For FCA, in terms of value, UAE total foreign trade in October alone, 2011, valued YoY Dh83.5billion compared to Dh66.4billion with an increase of 26 per cent. October Imports, in turn, hit YoY Dh57.1billion with an increase of 36 percent. Exports achieved YoY Dh9.8billion with an increase of 15 per cent. Yet, re-exports recorded a YoY decrease of 5 per cent to hit Dh16.6billion. However, weight-wise UAE total foreign trade in October, 2011 has hit 7.5 m tons, of which 4.3 m tons in imports, 2.5 m tons in exports and 727 thousand tone in re-exports. According to the FCA India, USA, China, Japan, Germany, France, UK, Italy, Switzerland, and South Korea, respectively, topped exporters' list in October, 2011 with a total value of Dh36.1billion, or 63 per cent of the UAE total imports. "On the level of non-oil exports, India, Iran, Singapore, Turkey, Thailand, Switzerland, Saudi Arabia, Kuwait, Iraq, and Qatar, respectively, spearheaded importers from the UAE with Dh6.6billion, accounting for 67 per cent of the UAE exports". The FCA added. "Meanwhile, Iran, India, Belgium, Iraq, Hong Kong, Saudi Arabia, Kuwait, Bahrain, Afghanistan, Kuwait, and Oman, respectively, topped the list in terms of re-exports with Dh11.4billion, representing 69 per cent of the UAE total re-exports." The total value of UAE-GCC non-oil foreign trade hit Dh6.1billion in October, 2011, of which Dh3billion in imports, Dh1.1billion in exports and Dh2billion in re-exports. Saudi Arabia maintained its first rank among GCC region's trading partners with a total value of Dh2.3billion. Kuwait came second with Dh1.5billion, followed by Bahrain (Dh860 m), Oman (Dh831 m) and finally Qatar (Dh621 m). Further, FCA press release read, "UAE total foreign trade with Arab countries in terms of value amounted to Dh11.2billion in October, 2011, with Dh5.5billion worth of imports, Dh2billion worth of exports and Dh3.6billion of re-exports. The preliminary statistical data of October, 2011, showed that gold ranked first among imports with a value of Dh9.7billion, followed by other aircraft with Dh3.9billion, diamond with Dh3.5billion, cars with Dh2.9billion, ornaments and jewelry with Dh2.4billion. Gold, according to FCA, also came first among exports in October, 2011, with Dh5.4billion, followed by petroleum oils and other derivatives with Dh318 m, ethylene polymers with Dh310 m, then ornaments and jewelry and related parts with Dh238 m. On the level of re-exports, diamond came first with a total value of Dh3.4billion, followed by ornaments and jewelry and related parts (Dh1.7billion), cars (Dh1.2billion), telephone sets (Dh879 m). The total trade volume of UAE free zones and markets in October, 2011, amounted to Dh1.7billion.