ABU DHABI, (Pakistan Point News - 28th May, 2019) The UAE's non-oil foreign trade, including direct and free zone trade, and customs warehouses, reached a total of AED1.628 trillion in 2018, announced the Federal Customs Authority, FCA, on Tuesday.
In a statement, the Authority noted that direct non-oil foreign trade accounted for 63 percent (AED1.025 trillion) of the total value, while free zone trade and customs warehouses amounted to 36 percent (AED592.4 billion) and one percent (AED11 billion) respectively.
Commenting on the results, Ali Saeed Matar Al Neyadi, Customs Commissioner and Chairman of the Authority, said that the UAE non-oil foreign trade witnessed positive and significant developments in the said year, most important of which is the continuation of growth and stability in UAE Foreign Trade with the rest of the world which enhanced the UAE position as strategic, commercial gate for the states in the region.
He noted that the value of imports suffered a 'remarkable regress' during the year at the rate of 4.2 percent to reach AED938 billion compared to AED979 billion in the previous year. At the same time, the growth continued in the export business at the rate of 1.8 percent during the year in which the re-export value reached AED478.4 billion compared to AED470.1 billion last year.
UAE non-oil foreign trade with Arab states has seen significant developments, with an average increase of 21 percent compared to 19 percent from the previous year. Trade exchange with Arab countries increased to AED341.2 billion, and the value of imports an exports amounted to AED77.3 billion and AED93.8 billion respectively. The FCA noted that re-exports totalled AED170.1 billion between the UAE and Arab states, adding that this represents a significant surplus in trade balances.
Gold and aluminium trade in 2018 has consolidated the UAE industry's position in global markets, said Al Neyadi, adding that the value of the UAE's export of raw and half-finished gold increased to AED53.4 billion during the year, while raw aluminium reached AED18.6 billion.
GCC states' trade with the UAE represented a 14 percent (AED220.9 billion) share of total UAE non-oil foreign trade, split across imports (AED56.5 billion), exports (AED65.8 billion) and re-exports (AED98.6 billion).
UAE trade with Saudi Arabia reached AED107.4 billion in 2018, enabling the Kingdom to acquire almost half of UAE trade with GCC countries, followed by Oman (AED46 billion), Kuwait (AED39.2 billion), and Bahrain (AED28.3 billion).
The FCA Chairman also revealed that UAE non-oil foreign trade with international economic regions remained stable in 2018. Data by the Authority revealed that Asia and the Pacific Ocean region came on top of the FCA's trade partners' list, acquiring 39.3 percent (AED603.2 billion) of the total, while Europe listed 22.4 percent (AED344.4 billion).
The UAE's non-oil imports during 2018 amounted to AED938 billion, the FCA noted, adding that the import of raw and half-finished gold took the lead in imported commodities totalling AED111 billion during the year.
