UAE non-oil foreign direct trade volume reached Dh792 billion in first 9 months of 2015

ABU DHABI, 3rd February, 2016 (WAM) -- The UAE's non-oil foreign direct trade was remarkably stable during the first nine months of 2015, despite a decline in the growth rates of the global economy and a slowdown in the growth of the Chinese economy during the period. The preliminary statistical data of the Federal Customs Authority revealed that the UAE total direct non-oil trade from January until the end of September 2015 amounted to Dh792 billion, the same as the same period in 2014. Commissioner Ali Al Kaabi, Head of the Federal Customs Authority, said in a press statement yesterday that the stability of the volume of UAE direct non-oil trade, despite the economic crises in many countries of the world during the period, reflects the strength of the UAE economy, and the success of the economic diversification policy adopted by the state in the diversification of sources and improvement of the competitiveness of local products. He stressed that the UAE non-oil foreign trade reflects an improvement in the UAE trade balance with many countries of the world, and a decline in the deficit in light of the high pace of export growth and decline in the value of imports, noting that the stability of the trade values reflects the continued confidence of traders and investors in the UAE economy, and that the near future holds new investment opportunities in light of the expansion, diversity and innovation policies adopted by the wise leadership. He noted that the preliminary statistical data for direct trade revealed a decline in imports by 2% during the said period, and a significant increase in exports by 25%, despite the increase of slowdown and recession indicators in many international markets, which reflect the quality of local products and industry and show that many traders and investors are replacing imported goods with local products. This also reflects the increase of international confidence in local products and their high competitiveness in many global markets. He said that the results of the UAE policy in terms of productivity and industrial sector support began to show in light of the economic diversification policy adopted by the wise leadership. Al Kaabi said that he expected the coming years to witness a larger expansion of national products both inside and outside the UAE in light of the new federal government strategy for the UAE in the post-oil stage. The FCA preliminary data indicated that the share of imports of the UAE total direct non-oil trade amounted to Dh 504.4 billion during the first nine months of 2015, compared to Dh 545 billion during the same period of the previous year, recording a fall of 2%. The native gold and semi-processed gold sectors come on top of the imported goods list during the first nine months of the previous year, recording Dh 73.3 billion with a share value of 15% of the total non-oil imports. Vehicles came in second place on the list of imports with a value of Dh 35.9 billion at 7%, non-composite diamonds with a value of Dh31.2 billion, i.e. 6%, followed by mobile phones recording Dh 23.5 billion with 5% then ornaments, jewellery and precious metals with a value of Dh 20.1 billion dirhams with 4%, of the total non-oil imports during the period. The FCA stated that the UAE exports tremendously grew tremendously by 25% during the first nine months of 2015, reaching Dh 122 billion compared to Dh 97.3 billion during the same period of the previous year. Gold exports came on top at a value of Dh 43.7 billion, representing 36% of the UAE total non-oil exports, followed by ornaments and jewellery with a value of Dh 13.9 billion, i.e. 11%, then raw aluminium with a value of Dh 12.5 billion with 10%, then ethylene polymers in primary forms with a value of Dh 4.4 billion forming 4%, and finally copper wire with a value of Dh2.5 billion, representing 2% of the UAE's total non-oil exports during the said period. Revenues from re-exports dropped by 8% recording Dh 165.7 billion compared to Dh 180 billion during the same period of the previous year. The FCA preliminary data indicated that the non-composite diamond came first as the best re-exported commodity during the first nine months of the previous year at a value of Dh 34.1 billion dirhams representing 21% of the total re-exports, followed by cars with Dh 15.8 billion with 10%, ornaments and jewellery with a value of Dh 15.4 billion at 9%, then mobile phones with a value of Dh 12.8 billion with 8%, and aerial vehicles parts with a value of Dh 4.4 billion forming 3% of the total re-exports during the said period. The UAE total non-oil trade volume reaches in terms of weight during the first nine months of 2015 approximately 131.8 million tons, 51.3 million tons of which were imports, and 73.4 million tons of exports, and 7.1 million tons of re-exports. With regard to the UAE trading partners map in the field of non-oil trade, the FCA pointed out that the regional structure of UAE trading partners in the field of non-oil trade was stable in terms of regional shares during the first nine months of 2015, as Asia, Australia and the Pacific region maintained the first rank on top of the non-oil trade partners with a share of Dh 325.7 billion, equivalent to 42% of the UAE total non-oil trade. The European region came second with a share of Dh 190 billion representing 25% of the total, followed by the Middle East and North Africa Region with Dh 130.6 billion, 17%, then the American and Caribbean Region with Dh 75 billion with 10% of the total, the West and Central Africa with Dh 27.4 billion at 4%, and finally Eastern and Southern Africa with Dh 23.2 billion, representing 3% of the UAE total non-oil trade during the said period. With regard to the UAE non-oil trade with the GCC countries, the FCA stated that the share of the UAE non-oil trade with the GCC countries during the first nine months of 2015 reached 10% of the total non-oil trade with the world, amounting to Dh 78.4 billion. The Kingdom of Saudi Arabia came on top of the list of Gulf countries in terms of the value of UAE non-oil trade with a value of Dh 30.3 billion at 39% of the total non-oil trade with GCC countries, followed by Oman with a value of Dh 18.6 billion, or 24%, Qatar with Dh 11.1 billion at 14.2%, Kuwait with Dh 10.7 billion at 13.6%, and finally the Kingdom of Bahrain with a value of Dh 7.7 billion representing 10% of the UAE's total non-oil trade with GCC countries. In terms of trade with Arab countries during the first nine months of the previous year, the FCA preliminary data showed that UAE total non-oil trade with Arab states constituted 15% of total non-oil trade with the world, at a value of Dh 133.6 billion. According to the FCA, the non-oil imports to the UAE from Arab countries amounted to Dh 37.5 billion during the first nine months of 2015, i.e. 7% of the total non-oil imports. The Kingdom of Saudi Arabia came on top of five Arab countries exporting to UAE with a value of Dh 11.2 billion with 30% of the trade with Arab countries, followed by Sudan, with Dh 4.1 billion, or 10.9%, the Sultanate of Oman with Dh 3.9 billion i.e. 10.5%, Libya with Dh 3.5 billion, i.e. 9%, then Egypt with Dh 2.5 billion, 7% of the UAE total non-oil trade with Arab countries. The UAE non-oil exports to the Arab markets during the first nine months of last year amounted to 40% of the UAE total exports, recording approximately Dh 48.4 billion. The Kingdom of Saudi Arabia came on top of five Arab countries importing from the UAE with Dh 12.3 billion, i.e. 25% of the UAE total non-exports to Arab countries, followed by Oman, with a value of Dh 7.9 billion with 16%, Iraq with Dh 7.3 billion at 15%, Kuwait with Dh 4.8 billion, i.e. 10%, and finally Qatar in 5th place with Dh 4.2 billion constituting 9% of the total non-oil exports of the UAE to Arab countries. The FCA indicated that the non-oil re-exported goods from the UAE to Arab countries during the first nine months of 2015 reached 29% of the UAE total non-oil re-exports, i.e. a value of Dh 47.8 billion. Iraq was ranked in the first place among the top five Arab countries to which the UAE has re-exported non-oil goods with a value of Dh 12.9 billion forming 27% of the total re-exports to Arab countries, followed by Saudi Arabia with Dh 6.8 billion i.e. 14.3%, then Oman with a value of Dh 6.7 billion, at 14.1%, Qatar with Dh 4.6 billion with 10%, and finally Kuwait with Dh 3.8 billion, representing 8% of the total re-exports to Arab countries. – Emirates News Agency, WAM - http://www.wam.ae/en/news/emirates/1395291056964.html