UAE non-oil trade hits Dhs759.8 billion

UAE non-oil foreign trade in the first 10 months of 2011 surged to Dhs759.8 billion showing an increase of Dhs137.3 billion in comparison to the same period in 2010. Federal Customs Authority (FCA) initial statistical data indicates a year-on-year (YoY) increase of 22 per cent in UAE’s non-oil foreign trade from January to the end of October, 2011. The data for the first 10 months of 2011 indicate a non-oil foreign trade increase from Dhs622.5 billion in 2010 to Dhs759.8 billion in 2011 showing a growth of Dhs137.3 billion. Data on import growth reveals a 24 percent increase, thus moving from Dhs399.2 billion in 2010 to Dhs493.8 billion in 2011 for same period. According to FCA, “Exports witnessed a growth rate hitting 34 percent during the period in question due to a value increase from Dhs70.2 billion to Dhs93.9 billion. Re-exports, however, experienced a growth rate of 12 percent to go up from Dhs153 billion to Dhs172.1 billion for the same period.” For FCA, in terms of value, UAE total foreign trade in October alone, 2011, valued YoY Dhs83.5 billion compared to Dhs66.4 billion with an increase of 26 percent . October Imports, in turn, hit YoY Dhs57.1 billion with an increase of 36 per cent. Exports achieved YoY Dhs9.8 billion with an increase of 15 percent . Yet, re-exports recorded a YoY decrease of 5 percent to hit Dhs16.6 billion. However, weight-wise UAE total foreign trade in October, 2011 has hit 7.5 m tons, of which 4.3 m tons in imports, 2.5 m tons in exports and 727 thousand tone in re-exports. From gulftoday