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Sun 29 May 2011 03:54 PM

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UAE non-oil trade surges 28% in Feb, says gov’t

Revenue jumped to AED70.9bn on rise in exports as global and local debt woes ease

UAE non-oil trade surges 28% in Feb, says gov’t

United Arab Emirates non-oil trade increased an annual 28
percent in February to AED70.9bn, preliminary data posted on the Federal Customs
Authority website show.

Imports in the world’s third-largest crude exporter grew an
annual 24 percent to AED45.5bn, while exports jumped 54 percent to AED7.3bn,
the FCA said Sunday.

Re-exports grew 29 percent on the year-earlier period to
AED18.1bn in the Gulf business hub, as global and local debt woes eased. 

Among the Gulf state’s top exporters were India, China and
the US, with the ten top-ranked markets responsible for AED29.2bn of UAE
exports. 

Re-exports, which comprise the bulk of trade in the Gulf
state, were led by India, Iran, Iraq and Qatar. The ten largest markets saw
AED14.4bn worth of trade, or 80 percent of the UAE re-export business, the data
showed.

The top commodities by value were diamonds (AED7.5bn), gold
(AED6.9bn), cars (AED2bn) and ornaments and jewellery (AED1.9bn).

Within the GCC trade block, Saudi Arabia retained its title
as the UAE’s largest partner for non-oil trade, the FCA said, followed by
Kuwait and Qatar.

Total non-oil trade with the Gulf hit AED8.5bn in February,
to include AED3.6bn worth of imports and AED3.3bn worth of re-exports.

The total trade volume of UAE free zones and markets in
February amounted to AED712m, the FCA said.

The UAE has escaped protests that have shaken nearby Bahrain
Oman and Yemen, bolstering its foreign investment and trade. But its government plans to spend $1.6bn on infrastructure in
less developed areas.

Dubai accounted for 76 percent of the UAE non-oil
trade in 2010. Abu Dhabi accounts for almost all of the oil production.

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