Font Size

- Aa +

Thu 25 Nov 2010 01:44 PM

Font Size

- Aa +

UAE-UK trade valued at $6.2bn in H1 2010

Ministry of Foreign Trade study shows non oil trade exchange had significantly advanced

UAE-UK trade valued at $6.2bn in H1 2010
TRADE RISE: UAE and UK trade rose to more than $6.2bn in the first half of the year

Trade between
the UAE and the UK rose to more than $6.2bn in the first half of the year,
according to a new study released by the Ministry of Foreign Trade in Abu
Dhabi.

In the
study, researchers at the MoFT’s Analysis and Trade Information Department said
that UK exports to the UAE had risen by $2.8bn, while total UAE exports to the
UK outperformed the whole of 2009.

The study
stressed that non oil trade exchange between the two countries had significantly
advanced over the past few years, with both showing keen interest in furthering
cooperation and ties in various spheres.

The study
said: “Close trade ties between the countries are also evidenced by regional
and international trade figures, as the UAE alone receives 31.5 percent of the
UK’s exports to all Arab countries, making it UK’s largest Arab export market,
which accounts for 1.6 percent of its total exports to the world.”

During that
period, total non oil trade between the UAE and the UK reached $5.5bn, while
UAE exports to the UK, including re-exports, accounted for more than $422m,
according to the study.

The UK
ranks ninth of the list of the UAE’s largest trading partners and its 24
largest importer. It is also the 22 largest market for the UAE’s
re-exports, and is the 6 largest exporter to the UAE.

Despite a
58.3 percent decline on the previous year’s results to $102m in 2009, the study
said that UAE non oil exports to the UK remained higher than their 2007 levels.

In 2008,
re-exports from the UAE to the UK maintained an upward trend to grow by 24
percent, while imports from the UK declined by 33 percent, which lead to a
decrease in the UAE’s non oil exports to the UK.

The UAE’s
biggest investments in the UK include the London Gateway project, which will be
executed by DP World, Dubai World’s flagship company. The project will include
a world class port capable of handling the largest deep sea container ships, as
well as the UK’s largest business park.

According
to Ministry of Economy data, there are currently 305 UK companies operating in
the UAE.