UAE’s non-Oil Foreign Trade Reached Dhs1.17-T between Jan-Sept 2016

UAE’s non-Oil Foreign Trade Reached Dhs1.17-T between Jan-Sept 2016

UAE’s non-Oil Foreign Trade Reached Dhs1.17-T between Jan-Sept 2016

Direct non-Oil foreign trade accounted for 69% of the country’s total international trade

The UAE’s non-Oil foreign trade stood at Dhs1.172-T during the 1st 9 months of Y 2016, posting almost flat growth compared to Dhs1.170-T during the same frame in Y 2015.

The share of imports in the UAE’s total non-Oil trade amounted to Dhs721.2-B, up 1% Y-Y, while exports grew by 6% to reach Dhs149.1-B, according to data from the Federal Customs Authority (FCA).

In terms of imports, native and semi-processed Gold topped the list at Dhs89.6-B, accounting for 12% of the total non-oil imports.

Mobile phones came second at Dhs65.7-B (9%), followed by cars at Dhs38.7-B (5.3%), non-composite Diamonds at Dhs35.4-B(5%), and petroleum producs at Dhs26.4-B (4%).

Gold also topped the list of exports with a value of Dhs43.3-B, representing 29% of the total non-Oil exports.

It was followed by raw aluminium at Dhs14.1-B (9.5%), ornaments and jewelry at Dhs13.6-B (9%), ethylene polymers in primary forms at Dhs9.5-B (6%), and cigarettes and cigars at Dhs6.6-B (4%).

Meanwhile the UAE’s re-exports during the 1st 9 months of Y 2016 were valued at Dhs301.4-B.

Mobile phones emerged as the most re-exported commodity with a value of Dhs48.1-B– accounting for 16% of the total re-exports.

Non-composite Diamonds came next, followed by ornaments and jewelry, and automatic data processing machines.

The total non-Oil trade volumes in terms of weight stood at approximately 176.7-M tonnes with 77.7-Mtonnes of imported goods, 84.7-M tonnes of exports and 14.3-M tonnes of re-exports.

Geographically, Asia, Australia and the Pacific region remained the UAE’s top non-Oil trading partners with a share of Dhs465.7-B, equivalent to 42% of the total.

Europe came next with a share of Dhs250.4-B, followed by the Middle East and North Africa Region with Dhs213.9-B.

The UAE’s non-Oil trade with the GCC countries constituted 11% of its total non-Oil trade, amounting to Dhs126.1-B.

Saudi Arabia came topped the list of Gulf countries with a value of Dhs54.8-B (43%), followed by Oman (Dhs23.6-B), Kuwait (Dhs18.8-B), Qatar (Dhs16.4-B) and Bahrain (Dhs12.5-B).

The wider Arab states accounted for 19% of its total non-Oil trade, with a value of Dhs218.3-B.

Overall, direct non-Oil foreign trade accounted for 69% of the country’s total volume of foreign trade between January to September 2016, valued at Dhs813.7-B.

Commissioner Ali Al Kaabi, head of FCA, said that the growth in the volume of the UAE’s direct non-Oil trade reflects the “country’s success in achieving economic diversification and affirms the improvement and competitiveness of national products in global markets”.

“Non-Oil trade activity reflects an improvement in the UAE’s trade balance with many countries and supports traders’ and investors’ confidence in the UAE economy,” official news agency WAM quoted him as saying.

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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