UAE trade surplus jumps as oil prices surge

RECORD PRICES: The UAE's trade surplus rose 59 percent in 2007 as revenue from oil exports soared. (Getty Images)

The UAE's trade surplus jumped 59 percent last year as revenue from oil exports soared on the back of record prices, the central bank said on Saturday.

The bank said on its website the Gulf state's trade surplus hit 336.15 billion dirhams ($91.5 billion) in 2007, up from 211.30 billion dirhams in 2006.

Crude exports shot up 69 percent to 361.42 billion dirhams last year from 213.37 billion in 2006, the central bank said.

The average price of crude rose to $72.36 a barrel in 2007, up just over 9 percent on 2006, hitting a record high above $99 in November.

The price of oil has risen even further this year, soaring to a fresh all-time high of $139.89 on Monday.

Crude oil production accounted for 35 percent of the UAE's gross domestic product (GDP) in 2007, the Ministry of Economy said in March. It said the Gulf state's GDP grew 7.4 percent last year.

The central bank said total exports, including re-exports, rose to 664.34 billion dirhams in 2007 compared to 534.67 billion the previous year, while total imports increased to 428.19 billion dirhams last year from 323.37 billion in 2006.

It said re-exports increased to 228.69 billion dirhams in 2007, up from 172.71 billion the previous year.

Print | Email | Discuss this article |

USER COMMENTS (0 COMMENTS)

POST A COMMENT

CLICK HERE TO POST A COMMENT

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Security Code *
Please click post only once - your comment will not be published immediately.