Business | Economy
Abu Dhabi foreign trade increases to over Dh22.5b
Abu Dhabi's foreign trade surged in the first quarter of 2008 to over Dh22.5 billion from Dh17.67 billion in corresponding period last year.
- WAM
- Published: 23:24 July 26, 2008
Abu Dhabi: Abu Dhabi's foreign trade surged in the first quarter of 2008 to over Dh22.5 billion from Dh17.67 billion in corresponding period last year.
"Foreign trade surged due to Abu Dhabi's strategic geographical location among the GCC [Gulf Cooperation Council] countries, its vicinity to East Asian countries and array of trade facilities, as well as commercial regulations in the UAE," the Department of Planning and Economy (DPE) in Abu Dhabi said in report.
The report, released by the Planning and Statistics sector at the DPE on Saturday included statistical details about the components of the foreign trade in Abu Dhabi in the first quarter 2008, which touched Dh22.5 billion.
Imports touched Dh19.13 billion, re-exports accounted for Dh2.78 billion while non-oil exports were valued at Dh1.7 billion. The foreign trade of Abu Dhabi in 2007 was Dh17.67 billion.
It indicated that Abu Dhabi still depends on commodity imports to meet huge demand in the local market, adding that the commodity imports through the emirate's ports in the first quarter of 2006 and 2007 were machinery, sound recorders, spare parts, plastic products, rubber, base metals and chemical products.
Saudi Arabia topped the trade partners over commodity imports to Abu Dhabi in the first quarter of 2008, registering Dh2.979 billion, followed by Japan with Dh2.109 billion and US with Dh1.929 billion.
Transport
The report also showed the type of transport used for trade during this period. Marine transport constituted 58.9 per cent worth Dh11.197 billion, followed by land transport with 28.4 per cent worth Dh5.403 billion and air transport with 12.7 per cent worth Dh2.413 billion.
On the re-export of commodities being imported from abroad, the report said the commodities enter through custom zones and become under supervision of local importers, who re-export them abroad without any changes on them. A number of economic experts and traders said re-export is one of the fundamentals of the UAE economy in general and Abu Dhabi in particular.
It added that the value of commodities re-exported during the first quarter of 2008 registered Dh2.787 billion, compared to Dh1.572 billion in corresponding period in 2007.
Qatar topped the trade partners of Abu Dhabi in regard to re-export with Dh336 million (about 18.8 per cent) of the total re-exportation. It was followed by India with Dh271 million and Oman with Dh202 million.
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