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UAE Freezones Biz News Updates
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UAE's non-oil trade hits Dh256 billion
 Khalifa Port
in Abu Dhabi. The UAE’s non-oil trade in terms of weight reached around 40.7
million tonnes in the first quarter. — Reuters
Momentum driven by strong performance across all economic sectors in UAE
The UAE’s non-oil trade reached Dh256 billion in the first quarter of 2014,
reflecting the continuous momentum of the country’s non-oil foreign trade in
2013, driven by stronger performance in all economic sectors and the
country’s more advanced position on many global indices, preliminary data of
the Federal Customs Authority, or FCA, showed on Tuesday.
“The FCA’s statistics show that imports accounted for 65 per cent, or
Dh166.4 billion, of the non-oil trade in the first quarter, while exports
accounted for 11.8 per cent, or Dh30.2 billion, and re-exports that
represented 23.2 per cent, or Dh59.4 billion of non-oil trade,” the FCA said
in a Press release affirming that the UAE has continued to enhance its prime
position on the world trade map and enhance the role it plays in
facilitating trade across the world in the first quarter of this year.
The UAE’s non-oil trade in terms of weight reached approximately 40.7
million tonnes in the first quarter of 2014, of which imports accounted for
15.5 million tonnes, exports 22.7 million tonnes and re-exports 2.5 million
tonnes.
The FCA said the first-quarter statistics represent a significant launchpad
for the UAE’s trade balance with other countries, after the foreign trade
indices returned last year to the normal levels of pre-global financial
crisis era that hit the world hard in 2008. The country’s federal customs
regulator added that the non-oil trade in 2013 saw relative steady growth
rates throughout the year, which in turn mirrors the sound economic and
trade policies of the UAE.
In the first quarter of 2014, the Asia-Pacific and Australia region
maintained its leading position among the UAE’s trade partners in terms of
non-oil trade, accounting for 43 per cent, or Dh106 billion of total direct
trade volume.
The remaining regions maintained their relative weight in terms of total
trade during the first quarter, as Europe took the second position
contributing 27 per cent, or Dh67.2 billion, to total trade, followed by the
Mena region with 14 per cent, or Dh35.1 billion.
The US and Caribbean ranked fourth with 10 per cent of the total non-oil
trade, or Dh24.1 billion, followed by West and Central Africa (four per
cent, or Dh9.4 billion) and East and South Africa (three per cent, or Dh7
billion).
Based on the FCA figures, the value of non-oil trade between UAE and the GCC
reached Dh22.9 billion in the first quarter, of which GCC imports accounted
for Dh7.4 billion, while exports and re-exports represented Dh7.7 billion
each.
GCC countries maintained their relatively flat positions among trade
partners of the UAE, with Saudi Arabia on top.
The total value of UAE-Saudi non-oil trade recorded Dh8.3 billion,
accounting for 36.2 per cent of total trade with GCC countries. Oman came
second with Dh6 billion (26.4 per cent), followed by Kuwait and Qatar with
Dh3.2 billion (14 per cent) each, and Bahrain with Dh2.2 billion (9.4 per
cent).
Non-oil trade with Arab countries hit Dh35.9 billion in the first quarter,
to which imports contributed Dh11.9 billion, exports and re-exports Dh11.7
billion and Dh12.3 billion, respectively.
The FCA said gold, motor vehicles, diamond, jewels and jewellery, telephone
sets, aerial and space vehicles, data processing devices, pure copper and
copper mixes were on top of the UAE’s imports in the first quarter.
Gold, jewels and jewellery, ethylene polymers, crude aluminium, copper
wires, petroleum oils and processed mineral oils, iron scrap, sugar cane or
sugar beet came at the first place in the list of exports.
Top re-exports in the said period were diamonds, jewels and jewellery, motor
vehicles, mobile sets, reciprocating engines, data processing devices,
magnetic and optical readers and transport trucks.
“The UAE is keen on facilitating world trade and removing customs and
non-customs hiccups before mutual trade with peers worldwide. This in turn
would cement bilateral international relations, contribute to meeting
national expectations and consumer growing demand while the UAE seeks to
protect the society from illegal trade practices and maintain the economic
interest of the business sector locally and overseas,” the FCA said.
Aug 20, 2014 |
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Courtesy Khaleej Times
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