Dubai: The UAE's non-oil foreign trade grew 23 per cent in the first seven months of last year to Dh524 billion compared to Dh426 billion in the corresponding period in 2010, according to the Federal Customs Authority (FCA).
The FCA said preliminary statistics for the period show a 22 per cent growth in imports from Dh276.3 billion in the 2010 period to Dh337.1 billion in the same period in 2011.
Exports, meanwhile, jumped 45 per cent to Dh64.7 billion to Dh44.5 billion, while re-exports grew 16 per cent to Dh122.1 billion from Dh105.2 billion.
The performance reinforces the UAE's position as a leading trade destination.
Last year, the UAE ranked as the world's 19th biggest importer of merchandise.
The statistics also reflect the fact that the growth of foreign trade is outshining the country's gross domestic product.
In its latest report, credit rating agency Fitch said non-oil growth will be sustained by strong oil revenues and government balance sheets that allow some GCC countries to maintain strong infrastructure programmes.
Fiscal consolidation
"Abu Dhabi has put more emphasis on fiscal consolidation this year, however, and will probably see a sharper slow down in 2012 than the other two major oil exporters [Saudi Arabia and Kuwait].
"But as a result, its breakeven oil price will fall while those of Kuwait and Saudi Arabia will continue rising.
"All three sovereigns enjoy enormous fiscal flexibility in the event of lower than expected oil prices," Fitch said.
UAE foreign trade in July last year reached Dh79 billion, up from Dh52.1 billion in July 2010 — an increase of 28 per cent.
July imports grew 31 per cent to Dh52.1 billion and exports jumped 51 per cent to Dh10 billion. However, re-exports increased only 10 per cent to Dh16.9 billion.
Weight-wise, the UAE's foreign trade in July last year hit 7.2 million tonnes, of which 4.6 million tonnes were imports, 1.9 million tonnes were exports and 691,000 tonnes were re-exports.
India, China, the US, Japan, Germany, Italy, the UK, South Korea, Belgium, and Saudi Arabia, in that order, topped as the import source markets for the UAE last July, with a value of Dh30.3 billion, or 58 per cent of the UAE's imports.
On non-oil exports, Switzerland, India, Saudi Arabia, Iran, Singapore, Turkey, Kuwait, France, Qatar, and Iraq respectively topped the list with Dh7.4 billion, accounting for 75 per cent of the UAE's exports.
Meanwhile, Iran, India, Belgium, Iraq, Saudi Arabia, Afghanistan, Hong Kong, Switzerland, Kuwait, and Bahrain topped the list in terms of re-exports with Dh12.2 billion, representing 72 per cent of the UAE's re-exports in July.
The value of UAE-GCC non-oil foreign trade hit Dh5.2 billion last July, of which Dh2.4 billion was imports, Dh1 billion was exports and Dh1.8 billion was re-exports.
Saudi Arabia maintained its top rank among the GCC region's trading partners with a value of Dh2.4 billion in July.
Kuwait came second with Dh795 million, followed by Bahrain (Dh780 million), Oman (Dh653 million) and finally Qatar (Dh595 million).
The UAE's foreign trade with Arab countries in terms of value amounted to Dh10.4 billion in July, including Dh5.5 billion worth of imports, Dh1.6 billion worth of exports and Dh3.2 billion of re-exports.
Saudi tops non-oil list
"Saudi Arabia topped the list of Arab states in terms of non-oil trade with the UAE, followed by Morocco, Sudan, Iraq, Oman, Bahrain, Egypt, and the Comoros," said an FCA spokesperson.
Traders imported Dh9.3 billion worth of gold and exported Dh5.9 billion last July, the FCA said.
The preliminary statistical data for last July showed that gold ranked first among imports with a value of Dh9.3 billion, followed by diamonds with Dh4.1 billion, ornaments and jewellery with Dh2.2 billion, cars with Dh2.1 billion, and telephone sets Dh738 million.
Gold, according to the FCA, also came first among exports in July with Dh5.9 billion, followed by petroleum oils and other derivatives with Dh262 million, and ornaments and jewellery with Dh190 million.
Where re-exports were concerned, diamonds came first with a value of Dh4.6 billion, ornaments, jewellery and related items next at Dh1.4 billion, telephone sets (Dh863 million), and cars (Dh789 million) respectively.
The total trade volume of the UAE free zones and markets in July amounted to Dh1.4 billion.
