• Home
• /
• Local business

UAE’s non-oil foreign trade shrinks 1pc in February

ABU DHABI — The UAE’s non-oil foreign trade shrunk one per cent to Dh53 billion in the month of February, down from Dh53.6 billion in the same period last year, according to preliminary numbers gathered by the Federal Customs Authority or FCA.

Of this, biggest chunk came from imports that declined by one per cent to Dh35.2 billion from Dh35.6 billion.

The exports expanded by two per cent to Dh4.9 billion in the month up against Dh4.8 billion in the same period last year, while re-exports also boosted by two per cent to reach at Dh12.9 billion levels in the month.

The total non-oil foreign trade weighed 5.4 million tonnes, out of which 3.3 million metric tonnes were imports, 1.5 million metric tonnes were exports and 0.6 million tonnes were re-exports. Khalid Ali Al Bustani, Acting Director General of the Authority, said the February exports figure indicated a “sustained growth”. “The re-exports grew at two per cent from Dh12.92 billion to Dh 12.95 billion in February 2010,” the acting Director General said.

“The steep rise in exports and drop in imports indicate to the marked improvement in the balance of trade of the UAE with its foreign trade partners,” the acting director general said. “It shows the growing strength of UAE competitive edge in global markets despite the impact of the world financial crisis which hit the global economies at that time,” he added.

Regarding the geographic distribution of foreign trade, the authority’s report said India, China, US, Germany, Japan and the UK, Italy, South Korea, France and Switzerland were the top 10-countries, the UAE imported from in February, with a total value of Dh22.1 billion, about 63 per cent of total imports.

India, Saudi Arabia, Oman, Qatar, Iran, Switzerland, Turkey, Pakistan, Kuwait and Iraq were the top importing nations from the UAE for non-oil exports, which totalled Dh3.6 billion, or 74 per cent of the total exports.

India, Iran, Qatar, Saudi Arabia, Afghanistan, Bahrain, Belgium, Kuwait, and Hong Kong were the top re-export markets, taking commodities valued at Dh9.1 billion or 70 per cent of total re-exports.

Non-oil foreign trade with GCC countries stood at Dh4.7 billion in February with Saudi Arabia having the lion’ share of Dh1.7 billion, followed by Qatar at Dh1.2 billion, Oman at Dh809 million, Bahrain at Dh515 million and Kuwait at Dh498 million.

Share of Dubai to the foreign trade was Dh42.6 billion, Abu Dhabi contributed Dh7.8 billion while Sharjah added Dh1.2 billion to the overall size.

The emirates of Ajman contributed Dh468 million to the foreign trade while Ras Al Khaimah added Dh500 million to the total size. 
— haseeb@khaleejtimes.com