Trade between UAE, Hong Kong hits Dh17 billion in H1 2018

Trade between the UAE and Hong Kong dropped as the latter's exports of pearls, precious and semi-precious stones fell 46.5 per cent.

Trade between the UAE and Hong Kong fell to $4.7 billion (Dh17.3 billion) in the first half of 2018 mainly due to the decline in trade in jewellery and precious metals.

Trade between the UAE and Hong Kong dropped as the latter's exports of pearls, precious and semi-precious stones fell 46.5 per cent and jewellery imports from the UAE decreased 31.6 per cent.

Pearls, precious and semi-precious stones accounted for 23 per cent of Hong Kong's exports to the UAE and jewellery accounted for 28.1 per cent of Hong Kong's imports from the UAE in H1 2018, said Abdul Aziz Nasser, deputy director, Middle East, Hong Kong Trade Development Council (HKTDC).

"Manufacturing of non-metallic mineral - pearls and jewellery etc., - was affected the most," Nasser said.

Major import commodities from Hong Kong to the UAE in 2017 included road vehicles (including air-cushion vehicles); telecommunication equipment; sound recording and reproducing apparatus; electrical machinery, parts, appliances and apparatus along with miscellaneous manufactured articles and non-mineral manufactures.

The UAE is Hong Kong's 18th largest trading partner. In the first half of 2018, Hong Kong's total exports to the UAE amounted $2.7 billion and total import value from the UAE reached $2 billion.

Recently, Dubai Exports, the export promotion agency of the Department of Economic Development (DED) visited Hong Kong to attract buyers and importers eager to source products from Dubai to Far Eastern markets.

Each year, the HKTDC organises more than 30 exhibitions in Hong Kong. Eleven of them are the largest marketplaces of their kind in Asia, and among them five are the largest in the world, namely the HKTDC Hong Kong International Diamond, Gem & Pearl Show cum HKTDC Hong Kong International Jewellery Show; HKTDC Hong Kong Gifts & Premium Fair; HKTDC Hong Kong Watch & Clock Fair; HKTDC Hong Kong Electronics Fair (autumn edition) cum electronic Asia; HKTDC Hong Kong International Lighting Fair (autumn edition) cum Hong Kong International Outdoor and Tech Light Expo.

Nasser expects to see more Emirati companies explore business opportunities and tap global markets through HKTDC exhibitions. He also encouraged buyers, distributors and retailers from the UAE to come to Hong Kong to experience the benefit of sourcing through HKTDC's trade fairs.

"The HKTDC's 30 fairs attracted about 39,000 exhibitors and over 750,000 visitors from all over the world in 2017-2018," Nasser said.

- waheedabbas@khaleejtimes.com