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UAE non-oil foreign trade reaches Dh784b in first half of 2017

The UAE’s general trade volume kept increasing during the first six months of 2017 despite a decline in the growth rates of the global economy

Gulf News

ABU DHABI: Preliminary statistical data of the Federal Customs Authority (FCA) revealed that the UAE’s general trade volume from January to the end of June 2017 amounted to Dh784 billion, compared to Dh777.6 billion during the same period of 2016, signalling a one per cent growth.

The UAE’s general trade volume kept increasing during the first six months of 2017 despite a decline in the growth rates of the global economy and an increase in the indicators of world trade decline during the year 2017.

Commissioner Ali Al Kaabi, Head of the FCA, said in a statement on Sunday that the UAE’s non-oil foreign trade growth reflects the importance of the country’s position in the world trade exchange map and its leadership as a regional trade centre.

“The non-oil trade activity reflects an improvement in the UAE trade balance with many world countries and assures the confidence of traders and investors in the UAE economy,” he said.

The UAE’s direct non-oil foreign trade formed 68 per cent of the total volume of general trade, valued at Dh535.5 billion. The share of free zone trade was 32 per cent valued at Dh248.6 billion.

The FCA preliminary data indicated that the share of imports of the UAE’s total non-oil general trade amounted to Dh477.8 billion during the first six months of 2017.

The native gold and semi-processed gold came on top of the imported goods during the first six months of 2017, recording Dh68 billion with a share value of 14 per cent of the total non-oil imports. Mobile phones came in second place on the list of imports at a value of Dh44 billion at nine per cent; motor vehicles reached Dh26.5 billion or six per cent, followed by non-composite diamonds at a value of Dh24.5 billion, five per cent of the total non-oil imports during the said period.

The FCA stated that the UAE’s exports reached Dh89.1 billion during the first six months of 2017 with gold exports coming on top at a value of Dh26.4 billion, representing 29 per cent of the UAE’s total non-oil exports. This was followed by ornaments and jewellery at a value of Dh9.5 billion at 10 per cent.

The FCA preliminary data indicated that re-export was valued at Dh217.2 billion during the first six months of 2017. Mobile phones came first as the best re-exported commodity during the period at a value of Dh36.5 billion, representing 16 per cent of the total re-exports, then came non-composite diamond of Dh26.7 billion representing 12 per cent of the total re-exports.

Regarding the UAE trading partners map, the FCA pointed out that the regional structure of the UAE’s trading partners in the field of non-oil general trade was stable regarding the region’s shares during the first six months of 2017. Asia, Australia and the Pacific region maintained the first rank on top of the non-oil trade partners with a share of Dh318 billion equivalent to 43 per cent of the UAE’s total non-oil trade.

The FCA added that the share of the UAE’s non-oil general trade with the GCC countries during the first six months of 2017, constitutes 11 per cent of the total non-oil trade with the world, amounting to Dh86 billion.

In terms of trade with Arab countries during the first half of 2017, the FCA’s preliminary data showed that the UAE’s total non-oil trade with the Arab states constitutes 19 per cent of the total non-oil trade of the country with the world, at a value of Dh145.6 billion.

 

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