UAE’s non-oil trade jumps 3.2% to reach Dh401b in first quarter

Non-oil exports reach Dh46b, accounting for 11.5% of total trade

Last updated: September 15, 2018 | 18:31

2 MIN READ

Dubai: The value of the UAE’s non-oil trade reached Dh401 billion in the first quarter of 2017, up 3.2 per cent compared to the Dh388 billion recorded in the same quarter of 2016.

According to data from the Federal Customs Authority (FCA), non-oil exports in the first quarter reached Dh46 billion, accounting for just 11.5 per cent of the UAE’s total trade values.

Meanwhile, the value of imports reached Dh245 billion, up 5.1 per cent over the Dh233 billion in imports in the first quarter of 2016, as re-exports grew by 7.4 per cent year-on-year to reach Dh110 billion.

The UAE’s trade partners remained unchanged compared to last year, with Asia and the Pacific being the country’s top trade partner. Trade with Asia and Pacific accounted for 43 per cent of the UAE’s total trade values.

Europe followed, with Dh80.5 billion in trade with the UAE (21 per cent of the total). Non-oil trade with North Africa and the Middle East reached Dh74 billion (19.5 per cent), as trade with America and the Caribbean reached a value of Dh38 billion (10 per cent).

Trade with East and South Africa was valued at Dh12.6 billion, and trade with West and Central Africa reached a value of Dh11.6 billion.

In terms of products being traded, manufactured and semi-manufactured gold topped the list of commodities imported, followed by cell phones, cars, and diamonds.

In its report on Tuesday, the FCA said that foreign direct trade in the first quarter accounted for 68 per cent of total trade, with a value of Dh272 billion, while free trade reached a value of Dh129 billion.

Ali Al Ka’abi, chairman of FCA, said that the growth in trade values in the first quarter came despite trade and economic challenges across the world following a decline in oil prices and slower economic growth rates.

Containers are loaded onto a cargo ship at the port in Tokyo. Japan posted a bigger-than-expected trade deficit in May with exports hit as the impact ofthe March earthquake and tsunami took its toll on the world’s third-largest economy, data showed.

A crane picks up a container from a truck to a cargo ship at Ningbo Port in Ningbo, China lastmonth. China’s trade growth decelerated sharply in June as a slowdown in the world’s secondlargesteconomy deepened despite stimulus efforts.

A cargo ship is seen crossing through the New Suez Canal, Ismailia. The canal is part of an ambitious plan to develop the surrounding area into an industrial and commercial hub that would include the construction of ports and provide shipping services.

An employee guides as a crane unloads shipping containers from a cargo ship at a port in Lianyungang, Jiangsu province, China.

Get the latest news and updates straight to your inbox