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UAE non oil trade growth accelerates to Dh540 billion

Mehmood-Ul-Hassan Khan

According to Federal Customs Authority (FCA) due to rigorous paradigm shift in the macro-economy policy the massive drive of diversification has paid the dividends and the United Arab Emirates non-oil foreign trade achieved positive growth rates during the first nine months of 2010 i.e. Dh540.5 billion. Furthermore, UAE total non oil foreign trade from January to September 2010 increased about 11 per cent. It was Dh486.4 billion in 2009. The report mentioned the phenomenal increase in exports and re-exports compared to imports in the first ten months of the year 2010 which has produced substantial reduction in the UAE trade balance deficit which is positive sign for investors and businessmen in the year 2011.

The FCA also discussed the ratios of imports and exports and reflected a 5 per cent growth in imports during the first nine months of 2010 to record Dh350.6 billion in September 2010 as compared to Dh334 billion in September 2009. Moreover, exports witnessed a remarkable increase of 39 per cent to Dh61.8 billion for the first 9-month period of 2010, compared with Dh44.4 billion in 2009. Re-exports increased to Dh128 billion for the same period, appreciating 19 per cent Y-o-Y from Dh108 billion the FCA report further added.

Talking about the increase in non-oil trade the report said that the total volume of UAE non-oil trade grew 26 per cent Y-o-Y to Dh62.9 billion in September 2010, from Dh50 billion. The data showed a 46 per cent increase in non-oil trade exports for the same period to reach Dh8.1 billion from Dh5.5 billion in year-earlier period. Re-exports amounted to Dh15.6 billion in Sept. 2010, jumping 35 per cent Y-o-Y from Dh11.6 billion. Imports rose 19 per cent from Dh32.9 billion in September 2009 to Dh39.2 billion in September 2010. The total trade volume of UAE free zones and markets amounted to Dh526 million, of which Jebel Ali Free Zone Jafza dominated the lion’s share of Dh455 million.

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