ID :
185601
Tue, 05/31/2011 - 14:14
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https://www.oananews.org//node/185601
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UAE-Turkey trade at US$2.782b in 2010
Abu Dhabi, May 31, 2011 (WAM) - Non-oil trade exchange between the United Arab Emirates (UAE) and Turkey made significant growth over the past few years from US$2.074 billion in 2006 to US$7.999 billion in 2008, said Ministry of Foreign Trade (MoFT) in its new study released yesterday. The study noted that volume of trade exchange between the two countries retreated to US$2.847 billion in 2008 and again to US$2.782 billion in 2010.
The study which was conducted by researcher Ahmed Al-Ananbeh of MoFT’s Department of Analysis and Trade Information explores prospects and opportunities for better future trade cooperation between the UAE and Turkey in light of their growing bilateral relations.
UAE non-oil exports to Turkey also saw steady and significant growth from US$51 million in 2006 to US$251 million in 2008 to decrease to US$186 million in 2009 and again to as low as US$160 million in 2010.
The study shows that UAE’s re-exports to Turkey increased more than twofold from US$131 million in 2006 to US$274 million in 2008 to experience a drop to US$113 million in 2009 and then pick up to US$143 in 2010.
UAE imports from Turkey, over the same period, saw steady growth from US$2.892 billion in 2006 to US$7.473 billion in 2008 but it suffered a significant drop to US$2.549 billion in 2009 then again to US$2.480 billion in the following year 2010.
According to the study, Turkey ranked 17th in the in the geographical structure of the UAE’s non-oil foreign trade overall in 2010. Turkey also was ranked 20th among the top destinations of UAE’s exports and 40th among the top destinations of UAE’s re-exports.
Figures revealed in the new MoFT’s study also shows that Turkey is the 17th largest exporter to the UAE and that UAE’s trade exchange with Turkey accounted for 1.4 per cent of the UAE’s total non-oil trade with the world in 2010.The UAE which was the top destination of Turkey’s imports among Arab countries in 2007 and 2008 lagged behind Iraq in 2009 and 2010” and ranked 4th among Arab top exporter to Turkey after Algeria, Saudi Arabia and Iraq.
Despite declining by 18.8 per cent, gold, including gold plated with platinum) in unwrought, semi-wrought or powder forms, topped the list of UAE’s four major exports to Turkey which totalled US$153 million during 2010 and remained as the UAE’s top export to Turkey whose total gold imports amounted to US$2.5 last year.
Ten major commodities accounted for 74 per cent of UAE’s total re-exports to Turkey in 2010, and these include jewellery and parts thereof, diamond, perfumes, machines, and parts and accessories of vehicles.
Other ten commodities accounted for 72 per cent of the UAE’s total imports from Turkey in 2010. These are topped by steel and iron products (chapter 72), jewellery, gold, automobiles and others.
The study shows that Turkey’s markets can receive larger quantities of certain commodities and products from the UAE. These include gold, jewellery and products thereof, shipbuilding, iron and steel, copper products, sugar and chocolate. According to MoFT’s new study, the UAE exported US$15.5 billion of these targeted products in 2010. Turkey’s imports of these products amounted to US$12.9 billion in the same year.
A survey of the UAE’s foreign investments, run through the Ministry of Foreign Trade, shows that 94 national companies are operating in Turkey in sectors such as property development and business services (22 companies), construction (20), retail and wholesale (19), transport and telecom (14), processing industries (7), hotels and restaurants (3), brokerage (3), agriculture (1) and medical and social services (1).
The number of Turkish companies operating in the UAE amounted to 39, and trade agencies to 41 (between 1982-2009) and trademarks up to 316.
The governments of the UAE and Turkey are working on strengthening contacts between their business communities to further cooperation trade and investment. This is reflected by the exchange of visits, and strong participation of companies of both countries in their trade exhibitions.
According to data from the Turkish central bank, the UAE has 13.2 per cent (or US$337 million) of GCC member states’ foreign direct investments in Turkey which totalled US$2.9 billion between 2007 and 2010.
Total foreign direct investments in Turkey amounted to US$46.6 billion between 2007 and 2010.
Attracting more FDI from the UAE and promoting the UAE-Turkey trade and investment relations and cooperation can also be boosted by the Greater Arab Free Trade Area as the UAE serves as a gateway for Turkey’s exports to Arab countries and GCC member countries in particular.
The study which was conducted by researcher Ahmed Al-Ananbeh of MoFT’s Department of Analysis and Trade Information explores prospects and opportunities for better future trade cooperation between the UAE and Turkey in light of their growing bilateral relations.
UAE non-oil exports to Turkey also saw steady and significant growth from US$51 million in 2006 to US$251 million in 2008 to decrease to US$186 million in 2009 and again to as low as US$160 million in 2010.
The study shows that UAE’s re-exports to Turkey increased more than twofold from US$131 million in 2006 to US$274 million in 2008 to experience a drop to US$113 million in 2009 and then pick up to US$143 in 2010.
UAE imports from Turkey, over the same period, saw steady growth from US$2.892 billion in 2006 to US$7.473 billion in 2008 but it suffered a significant drop to US$2.549 billion in 2009 then again to US$2.480 billion in the following year 2010.
According to the study, Turkey ranked 17th in the in the geographical structure of the UAE’s non-oil foreign trade overall in 2010. Turkey also was ranked 20th among the top destinations of UAE’s exports and 40th among the top destinations of UAE’s re-exports.
Figures revealed in the new MoFT’s study also shows that Turkey is the 17th largest exporter to the UAE and that UAE’s trade exchange with Turkey accounted for 1.4 per cent of the UAE’s total non-oil trade with the world in 2010.The UAE which was the top destination of Turkey’s imports among Arab countries in 2007 and 2008 lagged behind Iraq in 2009 and 2010” and ranked 4th among Arab top exporter to Turkey after Algeria, Saudi Arabia and Iraq.
Despite declining by 18.8 per cent, gold, including gold plated with platinum) in unwrought, semi-wrought or powder forms, topped the list of UAE’s four major exports to Turkey which totalled US$153 million during 2010 and remained as the UAE’s top export to Turkey whose total gold imports amounted to US$2.5 last year.
Ten major commodities accounted for 74 per cent of UAE’s total re-exports to Turkey in 2010, and these include jewellery and parts thereof, diamond, perfumes, machines, and parts and accessories of vehicles.
Other ten commodities accounted for 72 per cent of the UAE’s total imports from Turkey in 2010. These are topped by steel and iron products (chapter 72), jewellery, gold, automobiles and others.
The study shows that Turkey’s markets can receive larger quantities of certain commodities and products from the UAE. These include gold, jewellery and products thereof, shipbuilding, iron and steel, copper products, sugar and chocolate. According to MoFT’s new study, the UAE exported US$15.5 billion of these targeted products in 2010. Turkey’s imports of these products amounted to US$12.9 billion in the same year.
A survey of the UAE’s foreign investments, run through the Ministry of Foreign Trade, shows that 94 national companies are operating in Turkey in sectors such as property development and business services (22 companies), construction (20), retail and wholesale (19), transport and telecom (14), processing industries (7), hotels and restaurants (3), brokerage (3), agriculture (1) and medical and social services (1).
The number of Turkish companies operating in the UAE amounted to 39, and trade agencies to 41 (between 1982-2009) and trademarks up to 316.
The governments of the UAE and Turkey are working on strengthening contacts between their business communities to further cooperation trade and investment. This is reflected by the exchange of visits, and strong participation of companies of both countries in their trade exhibitions.
According to data from the Turkish central bank, the UAE has 13.2 per cent (or US$337 million) of GCC member states’ foreign direct investments in Turkey which totalled US$2.9 billion between 2007 and 2010.
Total foreign direct investments in Turkey amounted to US$46.6 billion between 2007 and 2010.
Attracting more FDI from the UAE and promoting the UAE-Turkey trade and investment relations and cooperation can also be boosted by the Greater Arab Free Trade Area as the UAE serves as a gateway for Turkey’s exports to Arab countries and GCC member countries in particular.
