UAE’s non-oil foreign trade steady at Dh269.5 billion in Q1 2016

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The UAE has maintained its direct non-oil trade at Dh269.5 billion during the first quarter of 2016.  They are almost the same figures as they were in the Q1 last year, the Emirates News Agency WAM said quoting the Federal Customs Authority (FCA).

Preliminary statistics show that imports, at Dh166.1 billion, accounted for more than half of the UAE non-oil foreign trade during Q1of this year, while exports were worth Dh46.8 billion and re-exports Dh56.6 billion.

The FCA, in a press release, said the UAE non-oil foreign trade during Q1 showed remarkable stability compared with same period last year despite slowing global economic growth rates and declining imports and exports in several UAE key strategic partner countries because of the global oil price crisis.

In terms of weight, the UAE total non-oil trade in Q1 of 2016 recorded 48.4 million tones – 18 million tonnes of imports, 28.2 million tonnes of exports and 2.2 million tonnes of re-exports.

The FCA indicated that the list of UAE non-oil trade partners remained stable, region-wise, during Q1 2016 as regions retained their respective shares of total trade despite slow growth rates in several key countries.

Asia, Australia and the Pacific maintained top rank among the UAE non-oil trade partners with a share of Dh108.3 billion or 42% of the UAE non-oil trade for Q1 this year.

With a share of Dh66.7 billion (25%), Europe ranked second. Next, came the MENA region with a share of Dh42.7 billion (16%), America and the Caribbean with a share of Dh 27.4 billion (10%), West and Central Africa with a share of Dh 9.4 billion (4%), and East and South Africa with a share of Dh7.4 billion or 3% of UAE non-oil trade during Q1 this year.

About 43% of UAE non-oil imports in Q1 2016 came from Asia, Australia and the Pacific with a value of Dh70 billion. Europe came second with a share of Dh43.8 billion (27%).

For re-exports, FCA statistics show that the Asia, Australia and the Pacific region was the UAE’s leading re-export trade partner with a share of 42% (Dh 22.3 billion) of total re-exports, while MENA comes second with a share of 28% (Dh15 billion).

FCA chairman Ali Al Kaabi said the UAE’s policies of economic diversification and building sustainable national industries helped save the UAE status as a world trade hub and the trade gateway to the Near and Middle East and North Africa.

The FCA chief also said that local customs department implemented in recent years national strategies that aligned with the UAE 2021 Vision. This contributed to enhancing customs performance; boosting infrastructure at customs posts and enhanced shipping timeliness and security. All this culminated in enhancing the UAE position in the world trade scene.

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