By Andy Sambidge
Federal Customs Authority's latest data says non-oil foreign trade grew 22% compared to year earlier
The UAE's non-oil foreign trade grew 22 percent in January compared to the same month in 2010, according to preliminary data supplied by the Federal Customs Authority (FCA).
The statistics showed that the UAE's non-oil foreign trade jumped AED12.6bn to AED70.2bn ($19.1bn), reflecting growth rates similar to those recorded prior to the global slowdown.
The FCA said January saw a 21 percent in imports to AED46.4bn while exports recorded a significant growth of 32 percent to AED7.5bn. Re-exports grew by 20 percent reaching AED16.6bn.
The FCA said the growth rates of in January showed a return to those similar to before the 2008 global financial crisis.
"This is a clear evidence that UAE economy is on the track to recovery and that the production and trade movement is restoring its pre-crisis normal rates," the FCA said in a statement.
According to the FCA, India, China, the US, the UK, Germany and Japan were the top five exporters to the UAE in January.
India, Singapore, Thailand, Saudi Arabia, Kuwait and Hong Kong were the top importers from the UAE, the statement added.
Saudi Arabia maintained its position among GCC region's trading partners with a total value of AED1.75bn, with Kuwait second, followed by Qatar.
The data also showed that gold was the number one import, with a value of AED7.4bn, followed by diamonds and cars.
Gold also took the first spot in the exports list, followed by ethylene polymers, petroleum and other oils.