Gold propels UAE exports up 61%

Gold accounted for more than half of non-oil exports during first nine months of 2012
By Daniel Shane
Wed 13 Mar 2013 11:20 AM

Non-oil exports from the UAE grew 61 percent to AED135.7bn (US$36.9bn) in the first nine months of 2012, driven by large foreign sales of gold, according to the Federal Customs Authority (FCA).

Total foreign non-oil trade, minus free zones, in the Gulf state was up AED99bn to AED783.5bn from January to September during the year.

According to statistics published by the FCA, Gold was the top UAE non-oil export with AED79.8bn, or more than half of all exports. Exports of jewellery and jewels reached AED4.9bn, while foreign crude aluminium sales were worth AED3.3bn.

Imports into the UAE during the same period in 2012 rose 13 percent to AED495bn compared to the same period a year prior. Again, gold was top among imported goods, worth AED106.4bn, followed by diamonds at AED29.7bn. AED28.1bn of cars were imported into the Gulf state, followed by AED27.2bn of jewellery and jewels and jet propeller turbines at AED10.6bn.

Re-exports from the UAE fell 5 percent to AED152.7bn, with diamonds the top re-exported commodity with volumes worth AED26.4bn, followed by jewellery and jewels at AED20.3bn.

Countries in Asia-Pacific were the GCC member’s top trading partners, at AED326.1bn accounting for 42 percent of total trade. Nations in Europe came second at AED222.2bn with 29 percent of total trade, followed by MENA with AED110.6bn or 14 percent, and Americas and the Caribbean with AED64.9bn or 8 percent.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.