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ABU DHABI / WAM
The UAE non-oil total foreign trade volume of 2015 reached approximately AED 1.56 trillion, with the direct trade data, representing 68% of the UAE total trade volume with the value of AED 1.06 trillion and the Free Zone Trade data, representing 32% of the UAE total trade volume with the value of AED 497 billion.
Commissioner Ali Al Kaabi, Head of the Federal Customs Authority, FCA, said in a press statement on Tuesday,that the total non-oil trade of the state in the past year has seen a remarkable stability due to the economic diversification and declining oil sector’s contribution to GDP in favour of the productive and service sectors.
He also confirmed that the statistics of the foreign non-oil trade of the state reflects the confidence of traders in the global markets and trading partners in the economic climate. This reaffirms the strength of the UAE economy and its ability to meet the challenges and implications of various financial and economic crises that are impacting the economies of other trading partners, such as China, which is experiencing a marked slowdown in growth rates.
He pointed that the statistical data for the non-oil trade of the state revealed a significant increase in terms of exports to the outside world. Reaching an increase of 17% over the past year which reflects the quality of the industry and its local products. Consequently, changing the preference of many traders and investors to local products instead of import products (in terms of products), in addition to, increasing international confidence in UAE local products and proving it to have high competitive advantage in many global markets.