UAE non-oil foreign trade up at Dh1.3 trillion in 2011

The UAE’s non-oil foreign trade rose to Dh1.3 trillion in 2011, compared to Dh1.1 trillion in the previous year, reflecting a growth rate of 18.2 per cent, according to initial statistical reports released by the Federal Customs Authority, or FCA. In a statement issued on Saturday, the FCA said that total UAE non-oil foreign trade increased to Dh927.7 billion during the year, while the value of free zones’ trade increased to Dh367.7 billion, of which Dh212.5 billion was the value of imports and Dh145.2 billion was value of the exports and re-exports. The FCA said that the primary statistical database of the year 2011 is an important economic standard indicating the national economy recovery and the increase of the national products competitiveness in the world markets. Moreover, such data show the successes of state policies following the world financial crisis and represent how far the rational leadership has turned the economic diversification policy to a real fact, bringing up several positive impacts on market activity and national products’ competitiveness. The FCA pointed out in its statement that imports have restored growth ratios prior to the world crisis and that imports have been raised from Dh485.4 billion in 2010 to Dh602.8 billion in 2011, achieving an increase of 24 per cent, thus reflecting world trust in the national economy with its two branches: the governmental sector and the private sector, as well as the belief in the state’s ability to recover its position in retail trade and again supplying markets abroad with products needed. It added that the exports’ growth rate expresses the high competitiveness of national products, and together with that, the increase of exports versus the decrease of imports means that exports contribute to minimise the financial deficit, the matter which results in a series of positive impacts like having more foreign currency invested, enriching national labourer experiences and extending national products presence in the world markets. The FCA said that 10 countries dominated almost 67 per cent of the total value of the imports of the UAE. The total value of UAE imports was about Dh369.6 billion in 2011.