UAE-Italy trade has reached around AED 18.475 billion during the first eight months of 2012.
According to a study released today by the Ministry of Foreign Trade (MoFT), UAE non-oil exports to Italy increased by 78 percent (AED 1.83 billion) from 2010 – 2011, re-exports increased by 23 percent (AED 827 million) and imports increased by 33 percent during the same period, putting the final figure of non-oil foreign trade between the two countries – in 2011 – at around AED 21.9 billion, up by 33 percent from 2010.
There were 92 Italian companies, 390 Italian trade agencies and 4387 Italian trademarks in the UAE according to the Ministry of Economy’s figures up until the end of December 2011.
Italy was the UAE’s 11th largest non-oil trading partner in 2011, coming in 19th in its imports from the UAE and 8th in its exports to the UAE during the same year.
UAE Free Zones witnessed a noticeable growth in overall trade with Italy (including non-oil trade), increasing from AED 210.5 million in 2009 to AED 373.3 million in 2011, achieving a growth of 77 percent in comparison with 2009 and 22 percent in comparison with 2010, and reaching AED 227 million during the first half of 2012.
The top ten non-oil commodities exported from UAE to Itavly also saw an 86 per cent increase compared to the same period last year
The study also revealed that there was an 86 percent increase in the exports of the UAE’s top ten non-oil commodities exported to Italy from January – August 2012.
Aluminium and Ceramics were the two top items exported from the UAE to Italy. While the top re-exported items included jewelry, diamonds, pipes, tubes, steel products, machinery, moving and leveling equipment, yachts, boats and transport vehicles were the top most re-exported products to Italy from the UAE during the first 8 months of 2012.
UAE’s most important imports from Italy during the first 8 months of 2012 included Jewelry, water taps and joints, industrial ovens, non-electric labs, air pumps, liquid pumps, luggage bags and boxes, footwear, petroleum oils and non-raw mineral oils and laboratory machinery and tools.
The top UAE companies investing in Italy include the Mubadala Development Company, Aabar, Drydocks World, Dubai Aluminium (DUBAL), RAK Ceramics, Economic Zones World (EZW), Taghleef Industries and Damas Jewelry.
The top sectors in which UAE companies invest in Italy are; airplane manufacturing and maintenance, oil and natural gas exploration, operating and developing industrial and economic free zones, shipping and transport, aluminium production, ceramics and porcelain, packaging for food products, as well as investing in jewelry and gemstones.
The MoFT’s study called on UAE exporters to work on increasing their exports to the Italian market. The several joint trade agreements and Memorandum of Understanding (MoUs) signed between UAE and Italy including the agreements pertaining to encouraging and protecting investments; economic, industrial, technical and financial agreements; double taxation avoidance and income-tax aversion prevention agreements, as well as the existence of a joint committee between the UAE and Italy- have all encouraged trade and investment cooperation between UAE and Italy, the study concluded.