Dubai : The UAE overtook Saudi Arabia to become the largest Arab exporter of goods and services in 2009 but the kingdom could be back on top in 2010, official figures showed yesterday.
Despite a decline of $63 billion (Dh231.2 billion) in its export value last year compared with 2008, the UAE was ahead of all Arab nations in export of goods and services, which stood at around $201.9 billion in 2009, according to a report by Emirates Business 24/7 daily citing the Kuwaiti-based Inter-Arab Investment Guarantee Corporation (IAGIC).
It was the first time that the UAE overtook Saudi Arabia as the Arab world's largest exporter although it was already on the top of Arab importers.
Saudi Arabia's exports were estimated at around $201.6 billion in 2009, far lower than its 2008 exports of about $323 billion.
The decline was a result of a sharp drop in crude prices and a cut of nearly one million barrels per day in the kingdom's oil production.
The UAE was also the largest Arab importer in 2009, with a total import value of around $196.9 billion.
A large part of the imports were destined for Dubai, the Gulf's main re-export and non-oil trading hub.
Forecasts by IAGIC, a key Arab League financial establishment, showed the UAE's exports would climb to around $228 billion in 2010 because of an expected increase in oil prices and the country's crude output.
Its imports are also projected to swell to a record $205.6 billion, indicating an upsurge in business and a recovery in the domestic economy. Saudi Arabia's exports are forecast to surge to nearly $251.6 billion and imports to around $183.9 billion in 2009.
As for the other members of the Gulf Cooperation Council (GCC), the report showed Kuwait, another major oil producer, was the third-largest exporter in the group in 2009, with a value of around $66.8 billion. The report projected them to swell to nearly $825 billion in 2010.
Qatar, the world's largest LNG supplier, came fourth, with export standing at around $60.2 billion in 2009. IAIGC expected the level to jump to around $82.5 billion in 2010 due to higher oil and LNG output.
Exports by non-Opec Oman stood at $28.1 billion in 2009 and those by Bahrain at $15.6 billion.
