UAE’s non-oil direct trade up by 3% in six months, reaching Dh553.4b

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The non-oil direct trade of the UAE increased by 3% to Dh17.7 billion in the first half of the current year, reaching Dh553.4 billion, well above the Dh535.7 billion achieved during the same period last year, WAM reports.

Top trading partners

Asia, Australia, and the Pacific regions retained top trading partners with a share of Dh211.3 billion accounting for 39% of the total non-oil trade. Europe ranked second, with a share of Dh139.9 billion (26%), and the Middle East and North Africa region came next with a percentage of 17% (Dh92.9 billion).

America and the Caribbean with a percentage of 10% (Dh55.1 billion), while East and South Africa came last with a percentage of 3% (Dh16.8 billion), according to the latest figures from the Federal Customs Authority, FCA.

Top GCC trading partners

Saudi Arabia was the UAE’s top GCC non-oil trade partner with a share of Dh18.4 billion, representing 36% of the UAE non-oil trade with GCC countries. Oman came next with a share of Dh14.2 billion (27%), Qatar with a share of Dh7.6 billion (15%), Kuwait with a share of Dh6.1 billion (12%), and Bahrain with a share of Dh5.3 billion (10%) of the UAE-GCC non-oil trade.

The UAE continues to reinforce its outstanding ranking on world trade map, and boost its role in facilitating trade exchange among countries during the first half of 2016. This is driven by the increasing activity rates in all economic sectors along with the advance of the state’s competitiveness on many global indicators, Commissioner Ali Al Kaabi, FCA Chairman, said.

Trading exchange

He added that the rates of trade exchange between the UAE and countries around the world grew during the first half of the current year despite global slowdown and the declining prospects for global trade growth; which underlines the effectiveness of the economic diversification policy adopted by the prudent leadership to diversify the sources of income and production, it also highlights the high competitiveness of the national products, according to new agency WAM.

He also confirmed the keenness of the UAE to facilitate global trade and remove tariff and non-tariff barriers impeding trade with countries of the world.

UAE’s foreign trade

The UAE’s total direct non-oil foreign trade, regarding weight, hit nearly 98.6 million tonnes during the first half of 2016, of which imports accounted for 38.8 million tonnes, exports 55.3 million tonnes and re-exports 4.5 million tonnes.

The statistics show that raw gold and golden works ranked top in imported goods with a share of 16% which accounts for Dh55.6 billion of total imports. Unmounted diamond came second with a share of Dh24 billion (7%), then came car imports with a share of Dh21.8 billion (6%), telephone handsets with Dh17.3 billion (5%), and precious stones jewellery with a share of Dh13.7 billion (4%) of total imports.

Non-oil exports

The UAE non-oil exports data also showed that raw gold and golden works ranked first with a share of Dh28.1 billion accounting for 13% of the total exports, raw aluminium came next with a share of Dh11.2 billion (13%), then precious stones jewellery Dh9.5 billion (11%), polymers of ethylene in primary forms with a share of Dh6.8 billion (8%), and publications with a share of Dh2.3 billion (3%) of UAE total non-oil exports during the first half of 2016.

Top re-exports

Unmounted Diamonds ranked high among re-exports in the first half of 2016 with a share of Dh25.1 billion (22% of re-exports). With a share of Dh15.9 billion (14%), precious stone jewellery ranked second. Next came cars with a share of Dh9.3 billion (8%), telephone handsets with a share of Dh8 billion (7%), and aircraft parts with a share of Dh3 billion (3%) of total re-exports.

Direct non-oil trade

Direct non-oil trade with GCC countries throughout the first half of 2016 accounted for 9% of the UAE’s total world trade, according to the FCA. The trade value with the GCC countries during that period amounted to Dh51.6 billion.

The FCA data showed that the total UAE non-oil trade with Arab countries during the first half of 2016 accounted for 17% of the UAE non-oil world trade, with an estimated value of Dh95 billion. The UAE imports from Arab countries reached Dh35.4 billion, while re-exports were Dh13.3 billion worth.

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