Khaleej Times reported that the UAE’s economy is on back to recovery path as its non oil foreign trade rose 22% YoY in January 2011.
The data gathered by the Federal Customs Authority showed that the UAE foreign trade jumped AED 12.6 billion to AED 70.2 billion from AED 57.6 billion in the period a year ago.
According to the FCA press release, the growth rates in January 2011 are similar to those recorded before the 2008 global financial crisis which it said is a clear evidence that UAE economy is on the track to recovery and that the production and trade is restoring its pre crisis normal rates.”
The break up showed exports growing impressively by 32% to AED 7.5 billion followed by imports rising 21% to AED 46.4 billion. Re exports recorded a YoY expansion of 20% to AED 16.6 billion reflecting that the regional countries are also showing signs of economic growth. Each of India, China, US, UK, Germany, Japan along with Italy, South Korea, Switzerland and France were the top 10 exporters to the nation in January with a total value of AED 29.6 billion which is 64% of the total imports.
In the non oil exports, India, Singapore, Thailand, Saudi Arabia, Kuwait, Hong Kong along with Iran, Switzerland, Egypt and Qatar spearheaded importers from the UAE with AED 5.4 billion accounting for 71% of the nation’s exports. Meanwhile, India, Iran, Iraq, Hong Kong, Kuwait, Belgium, Bahrain, Qatar, Saudi Arabia and Oman topped the list in terms of re exports with AED 12.4 billion representing 76% of the re exports from the country. The total value of UAE and GCC non oil foreign trade hit AED 4.6 billion in the month with AED 1.8 billion imports, AED 980 million exports and AED 1.8 billion re exports.
The authority pointed out that the total foreign trade volume of the UAE with the Arab countries in terms of value amounted to AED 8.2 billion in January 2011 with AED 3.3 billion worth of imports, AED 1.6 billion worth of exports and re exports valuing AED 3.2 billion.
The data also showed that gold took the first position among import item, with a value of AED 7.4 billion. It was followed by diamond with AED 5.4 billion then automobiles valuing AED 2.5 billion, ornaments and jewelry AED 1.9 billion, telephone sets AED 877 million in addition to spares and accessories of tractors, vehicles for special uses, passenger vehicles and goods vehicles AED 550 million.
Gold also took the first spot in the exports list valuing AED 3.9 billion. It was followed by Ethylene polymers with AED 300 million, petroleum and its products valuing AED 204 million followed by ornaments and jewellery worth AED 203 million. The items re exported showed diamond at the top place with a total value AED 6.1 billion followed by cars AED 1.1 billion. The Federal Customs Authority put total trade volume of UAE free zones in January 2011 at AED 604 million.
(Sourced from Khaleejtimes.com)
