The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Abu Dhabi / WAM
The UAE total non-oil foreign trade volume of Q1 2017 reached approximately AED401 billion against AED388 billion during the same period last year, a growth of 3.2 percent, according to statistics released by the Federal Customs Authority.
Direct foreign trade, which represents 68 percent of the UAE’s total trade volume, was valued at AED272 billion during the same period, while the Free Zone Trade represented 32 percent of the UAE total trade volume at a value of AED129 billion.
Commissioner Ali Al Ka’abi, Head of the Federal Customs Authority, FCA, has said in a press statement, that the total non-oil trade of the state in the past period 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 said statistical data for non-oil trade shows a significant increase of 7.4 percent in re-exports to reach AED110 billion during the same period against AED102.4 billion in Q1 2016. with exports valued at AED46 billion.
The trade figures indicated the UAE imported goods grew by 5.2 percent during Q1 to AED245 billion during the first quarter against AED233 billion during the same period last year, he noted.
“GCC states are the major trade partners of the UAE accounting for 11 percent of the country’s total trade during Q1 2017,” he added, noting the total non-oil trade with Gulf nations amounted to AED45 billion during the monitored period with imports claiming AED13.7 billion thereof, exports AED9.2 billion with the re-export volume standing at AED22 billion.”
Kingdom of Saudi Arabia comes first on the list of UAE trade partners with AED19.9 billion of non-oil trade followed by Kuwait with AED7.3 billion, Oman with AED7.1 billion, and Bahrain with an estimated AED4.2 billion.
The UAE trade with other Arab countries reached AED75.2 billion during the same period, AED22.6 billion of which are imports and AED17.2 billion are
exports, with re-exports
valued at AED35.4 billion.
The native gold and semi-processed gold topped the list of imported goods during the first quarter with a value of AED34.7 billion, accounting for 14 percent of total imports. Mobile phones came in the second with a value of AED24.2 billion while vehicle imports were valued at AED14.5 billion.