Khaleej Times reported that the UAE’s non oil trade expanded by 8% YoY in the first 7 months of the year, as exports posted significant role in the overall growth.

The total volume of non oil foreign trade increased AED 411.951 billion in the first 7 months of the year against AED 381.5 billion in the same period a year ago.

The data released by the Federal Customs Authority showed growth in exports and re exports confirming the success of economic diversification policies that reduced the trade balance deficit.

Imports rise by 2% at the end of July rising to AED 270.571 billion against AED 264.920 billion in the same period last year. The exports rose by 31% to AED 44.559 billion in the first 7 months while, re exports grew by 16% growth to AED 96.822 billion mean that economy is bouncing back.

In the month of July, the non oil trade showed 4% growth reaching to AED 57.823 billion level. The export posted 24% growth while re exports showed a mature growth of 10 per cent. However, interestingly growth in imports was at 1% which means that UAE’s trade deficit will shrink significantly.

Mr Riad Mattar CEO of Global Minds described the trade figures in the first 7 months and in July as very encouraging as trade which is the main stay of the economy has survived the global recession.

He said that the local industrial sector found markets for their products, particularly the iron and steel and sugar industries which will give confidence to them in expanding their business. Basically, it is the economic diversification of the economy which is paying off.

India, the US, Germany, Japan, the United Kingdom, Italy, Malaysia, Saudi Arabia and France were the top 10 nations that dominated the exports to the UAE with total exports in July 2010 reaching AED 25.145 billion about 64% of the nation’s total imports.

The UAE exported its products to India, Switzerland, Saudi Arabia, Egypt, Pakistan, the Sultanate of Oman, Qatar, Italy, Iran and Kuwait with total size of exports valuing AED 4.602 billion during the same period.

(Sourced from khaleejtimes.com)