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72569
Tue, 07/28/2009 - 15:29
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UAE imports rise by 45% to hit Dh585bn last year
Abu Dhabi, July 28, 2009 (WAM) - A surge in domestic demand due to business boom boosted the UAE's imports by nearly 45 per cent to a record Dh585 billion in 2008 to become the largest trade destination in the Arab World, according to official figures yesterday "Emirates Business 24|7" reported.
China and India emerged as the top exporters to the country, accounting for more than a fifth of its total imports and ousting Japan from its long-standing dominant position as the UAE's main trading partner.
The figures by the Ministry of Economy showed non-oil exports also jumped by about 66 per cent last year while re-exports, mostly from Dubai, surged by about 26 per cent to maintain its status as the region's trans-shipment centre.
From about Dh388.3bn in 2007, total imports of goods and services climbed to their highest level of Dh565.7bn last year, overtaking Saudi Arabia as the Arab World's largest importer as the kingdom's imports stood at SR431bn (Dh426bn), the Ministry said in an early edition of its 2009 statistical report. Experts said the rise in the UAE's imports was a result of an upsurge in domestic demand due to business boom and strong oil prices.
"Another main factor is the large increase in prices as the weakening US dollar last year made imports from most other countries costlier," an Abu Dhabi-based economist said. "You can notice a surge in imports, mainly from Europe."
A breakdown showed non-Arab Asian countries were the top exporters to the UAE, with a share of 47 per cent of the country's import market. Their exports stood at about Dh265.7bn in 2008.
China and India emerged as the main suppliers as their cheap products and relatively low exchange rates of their currencies gave them a competitive edge over imports from other nations. Their exports to the UAE soared to their highest levels of about Dh63.7bn and Dh61.9bn respectively. The figures showed their combined exports to the UAE accounted for nearly 22 per cent of the country's imports, largely eclipsing Japan, the US and other Western nations that had long remained the UAE's dominant partners.
Japan retreated to the fourth position in the list of exporters to the UAE, with a value of about Dh42.6bn, according to the report. It was overtaken by the US in 2008, with its exports to the UAE peaking at Dh44.9bn.
Germany emerged as the fifth largest exporter to the UAE, with a value of Dh37.09bn, followed by Britain, with Dh28bn. From a negligible level a decade ago, Turkey jumped to the sixth position with exports of Dh27.4bn.
The other key exporters include South Korea, Malaysia, Italy, the Netherlands, Spain, France, Sweden, Switzerland, Belgium, Austria, Hong Kong and Russia.
Region-wise, the report showed Europe was the second largest exporter to the UAE after non-Arab Asia, with a value of about Dh171bn. It was followed by American countries, with about Dh57bn.
The UAE's partners in the six-nation Gulf Cooperation Council (GCC) emerged as the third largest exporters, with a value of Dh256bn.
The report showed the GCC nations were also key markets for UAE exports and re-exports, with a value of Dh16.3bn and Dh16.6bn respectively. Non-Arab Asia was also the largest market for the UAE's re-exports, which peaked at nearly Dh87.6bn in 2008. Other key importers were European countries, with a value of nearly Dh22.4bn, followed by Arab countries, with imports of about Dh20.3bn last year.
Non-Arab Asia was also the top market for the UAE's exports, receiving Dh25.8bn worth of non-oil products. Exports were estimated at Dh6.9bn to other Arab countries and Dh5.9bn to Europe.
The UAE's non-oil exports soared by about 66 per cent to Dh60.3bn in 2008 from Dh36.2bn in 2007 and re-exports by about 26 per cent to Dh162.8bn from Dh128.3bn. –
China and India emerged as the top exporters to the country, accounting for more than a fifth of its total imports and ousting Japan from its long-standing dominant position as the UAE's main trading partner.
The figures by the Ministry of Economy showed non-oil exports also jumped by about 66 per cent last year while re-exports, mostly from Dubai, surged by about 26 per cent to maintain its status as the region's trans-shipment centre.
From about Dh388.3bn in 2007, total imports of goods and services climbed to their highest level of Dh565.7bn last year, overtaking Saudi Arabia as the Arab World's largest importer as the kingdom's imports stood at SR431bn (Dh426bn), the Ministry said in an early edition of its 2009 statistical report. Experts said the rise in the UAE's imports was a result of an upsurge in domestic demand due to business boom and strong oil prices.
"Another main factor is the large increase in prices as the weakening US dollar last year made imports from most other countries costlier," an Abu Dhabi-based economist said. "You can notice a surge in imports, mainly from Europe."
A breakdown showed non-Arab Asian countries were the top exporters to the UAE, with a share of 47 per cent of the country's import market. Their exports stood at about Dh265.7bn in 2008.
China and India emerged as the main suppliers as their cheap products and relatively low exchange rates of their currencies gave them a competitive edge over imports from other nations. Their exports to the UAE soared to their highest levels of about Dh63.7bn and Dh61.9bn respectively. The figures showed their combined exports to the UAE accounted for nearly 22 per cent of the country's imports, largely eclipsing Japan, the US and other Western nations that had long remained the UAE's dominant partners.
Japan retreated to the fourth position in the list of exporters to the UAE, with a value of about Dh42.6bn, according to the report. It was overtaken by the US in 2008, with its exports to the UAE peaking at Dh44.9bn.
Germany emerged as the fifth largest exporter to the UAE, with a value of Dh37.09bn, followed by Britain, with Dh28bn. From a negligible level a decade ago, Turkey jumped to the sixth position with exports of Dh27.4bn.
The other key exporters include South Korea, Malaysia, Italy, the Netherlands, Spain, France, Sweden, Switzerland, Belgium, Austria, Hong Kong and Russia.
Region-wise, the report showed Europe was the second largest exporter to the UAE after non-Arab Asia, with a value of about Dh171bn. It was followed by American countries, with about Dh57bn.
The UAE's partners in the six-nation Gulf Cooperation Council (GCC) emerged as the third largest exporters, with a value of Dh256bn.
The report showed the GCC nations were also key markets for UAE exports and re-exports, with a value of Dh16.3bn and Dh16.6bn respectively. Non-Arab Asia was also the largest market for the UAE's re-exports, which peaked at nearly Dh87.6bn in 2008. Other key importers were European countries, with a value of nearly Dh22.4bn, followed by Arab countries, with imports of about Dh20.3bn last year.
Non-Arab Asia was also the top market for the UAE's exports, receiving Dh25.8bn worth of non-oil products. Exports were estimated at Dh6.9bn to other Arab countries and Dh5.9bn to Europe.
The UAE's non-oil exports soared by about 66 per cent to Dh60.3bn in 2008 from Dh36.2bn in 2007 and re-exports by about 26 per cent to Dh162.8bn from Dh128.3bn. –
