UAE’s non-oil foreign trade raises to $320bn in first nine months of 2016

The UAE’s non-oil foreign trade estimated at AED1.172 trillion ($320 billion) for the first nine months of 2016, peaked by 0.1 percent the same period last year.
Preliminary data of the Federal Customs Authority (FCA) indicated rise of 1 per cent in the share of imports of the UAE’s total non-oil trade amounting to AED721.2 billion.
Topping the list of import goods were the native gold and semi-processed gold, recording about AED89.6 billion, according to state news agency WAM reports on Wednesday.
The FCA said that the UAE’s exports grew by 6 percent to total AED149.1 billion, with gold also topping the list with AED43.3 billion, representing 29 percent of the full.
Re-exports were worth AED301.4 billion, with mobile telephones the maximum traded commodity with a value of AED48.1 billion at 16 percentage of the entire re-exports.
Ali Al Kaabi, head of FCA, stated that the boom within the quantity of the UAE’s direct non-oil trade came regardless of an international slowdown and reflected the country’s achievement in reaching economic diversification.

“Non-oil trade activity reflects an improvement in the UAE’s trade balance with many countries and supports traders’ and investors’ confidence in the UAE economy. The near future holds new investment opportunities in the light of expansion, diversity and innovation policies adopted by the wise leadership,” Al Kaabi added.

He further added that he expected more growth in figures in the coming years “in light of the new Federal Government strategy for the country in the post-oil era”.

According to the FCA, Asia, Australia and the Pacific area were the UAE’s top trade companions with a share of AED465.7 billion, amounting to 42 percent of the entire non-oil trade.
It added that Saudi Arabia became the top Gulf associate with AED54.8 billion of trade recorded, 43 percent of the full non-oil trade with GCC countries.

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