ID :
75889
Tue, 08/18/2009 - 15:28
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UAE's current account surplus up on exports
Dubai, August 18, 2009 (WAM) - A massive increase in oil exports boosted the UAE's current account surplus by nearly 13 per cent in 2008 after it plunged by nearly 45 per cent in 2007 because of high imports, official figures showed yesterday according to Emirates Business 24|7 report.
Despite a further increase in imports of goods and services, heavy expatriate transfers, payments for foreign oil partners and a sharp fall in investment income, the current account surplus widened to about Dh81.8 billion in 2008 from Dh72.1bn in 2007, the Ministry of Economy said in a new report.
The increase followed a sharp decline in the 2007 surplus from a record Dh132.3bn in 2006, when oil prices were relatively high and imports were low.
The report showed the recovery in the surplus last year was mainly a result of a big increase in oil exports, which shot up by nearly 40 per cent to Dh313.7bn from about Dh224.6bn in 2007.
The surge came after oil prices rocketed to their highest-ever average of about US$95 (Dh349.45) a barrel last year from US$69 in 2007 and the UAE's crude production climbed to near capacity of 2.6 million barrels a day.
Gas exports also grew to about Dh39bn from Dh28.5bn because of an improvement in prices and higher supplies.
Non-oil exports also jumped to Dh60.3bn from Dh42bn while exports by Jebel Ali and other UAE free zones hit a record high of Dh97.4bn compared with around Dh83.7bn in 2007. Re-exports, mostly from the region's trade hub of Dubai shot up to Dh345.7bn from Dh269.1bn.
The report showed the country's overall exports of goods and services peaked at nearly Dh878.5bn last year compared with Dh656bn in 2007.
The surge in exports was accompanied by a massive rise in imports of goods and services because of an upsurge in business, mainly in the first half.
From about Dh551.3bn in 2007, the UAE's total imports of goods and services swelled to an all-time high of Dh735.7bn in 2008.
Despite the surge in imports, the country's trade balance surplus soared to Dh142.8bn in 2008 from Dh104.6bn in 2007.
But the increase was partly offset by lower investment income, which plunged to about Dh13.9bn in 2008 from Dh30.7bn in 2007 apparently due to assets losses caused by the global financial distress.
The balance was also affected by transfers to Abu Dhabi's foreign oil partners, who received around Dh20.9bn last year compared with Dh23.7bn in 2007. Transfers by the dominant expatriate workforce increased to Dh36.7bn in 2008 from Dh31.9bn in 2007.
The UAE's current account, the difference between export and import of goods and services, as well as net flow of funds, has recorded surpluses in most years since the country began commercial crude exports in early 1960s.
The size of the surplus has largely been influenced by the level of oil prices and the country's crude output. –
Despite a further increase in imports of goods and services, heavy expatriate transfers, payments for foreign oil partners and a sharp fall in investment income, the current account surplus widened to about Dh81.8 billion in 2008 from Dh72.1bn in 2007, the Ministry of Economy said in a new report.
The increase followed a sharp decline in the 2007 surplus from a record Dh132.3bn in 2006, when oil prices were relatively high and imports were low.
The report showed the recovery in the surplus last year was mainly a result of a big increase in oil exports, which shot up by nearly 40 per cent to Dh313.7bn from about Dh224.6bn in 2007.
The surge came after oil prices rocketed to their highest-ever average of about US$95 (Dh349.45) a barrel last year from US$69 in 2007 and the UAE's crude production climbed to near capacity of 2.6 million barrels a day.
Gas exports also grew to about Dh39bn from Dh28.5bn because of an improvement in prices and higher supplies.
Non-oil exports also jumped to Dh60.3bn from Dh42bn while exports by Jebel Ali and other UAE free zones hit a record high of Dh97.4bn compared with around Dh83.7bn in 2007. Re-exports, mostly from the region's trade hub of Dubai shot up to Dh345.7bn from Dh269.1bn.
The report showed the country's overall exports of goods and services peaked at nearly Dh878.5bn last year compared with Dh656bn in 2007.
The surge in exports was accompanied by a massive rise in imports of goods and services because of an upsurge in business, mainly in the first half.
From about Dh551.3bn in 2007, the UAE's total imports of goods and services swelled to an all-time high of Dh735.7bn in 2008.
Despite the surge in imports, the country's trade balance surplus soared to Dh142.8bn in 2008 from Dh104.6bn in 2007.
But the increase was partly offset by lower investment income, which plunged to about Dh13.9bn in 2008 from Dh30.7bn in 2007 apparently due to assets losses caused by the global financial distress.
The balance was also affected by transfers to Abu Dhabi's foreign oil partners, who received around Dh20.9bn last year compared with Dh23.7bn in 2007. Transfers by the dominant expatriate workforce increased to Dh36.7bn in 2008 from Dh31.9bn in 2007.
The UAE's current account, the difference between export and import of goods and services, as well as net flow of funds, has recorded surpluses in most years since the country began commercial crude exports in early 1960s.
The size of the surplus has largely been influenced by the level of oil prices and the country's crude output. –
