By Andy Sambidge
Federal Customs Authority says foreign trade grows 24% as UAE economy continues rebound
The UAE's non-oil foreign trade grew 24 percent in the first five months of 2011 compared to the same period last year, Federal Customs Authority (FCA) data showed on Saturday.
Preliminary statistics revealed total trade increased year-on-year to AED370.3bn ($100.8bn) from AED299.2bn for January to May.
An FCA statement said imports had grown by 22 percent while exports witnessed an growth of 41 percent.
Re-exports, experienced a growth rate of 22 percent, the statement added.
According to the FCA, the growth rates in all categories confirmed the national economy's course of recovery.
UAE total foreign trade in May hit AED73bn compared to AED61.6 for the same month in 2010, an increase of 18 percent.
According to the FCA, India, China, the US, Germany, South Korea, Japan, Italy, Switzerland and the UK topped the exporters list to the UAE in May.
For exports, India, Saudi Arabia, Switzerland, Kuwait, Iran, Turkey, France, Singapore, Iraq, Hong Kong topped the list while Iran, India, Iraq, Belgium, Hong Kong, Saudi Arabia, Afghanistan, Kuwait, Bahrain and Qatar were most prominent for re-exports.
The statistics showed that gold ranked first among imports, followed by diamond and cars.
Gold also came first among exports in May, followed by petroleum oils and other derivatives and ethylene polymers.For all the latest industry news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.