The non-oil foreign trade sector in United Arab Emirates hit AED1.3 trillion ($350bn) in 2011 compared to AED1.1 trillion ($300bn) in previous year, registering an increase of AED200 billion ($54.54bn) with a growth rate of 18.2%, a report said on Sunday.
The total of UAE’s non-oil foreign trade increased to AED927.7 billion ($252.57bn) during the year, while the value of free zones’ trade increased to AED367.7 billion ($100.11bn), of which AED212.5 billion ($57.85bn) was value of the imports and AED145.2 billion ($38.80bn) was value of the exports and re-exports, according to the initial statistical reports released by the Federal Customs Authority (FCA).
“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,” the report said adding that such data indicates the success of the state’s policies in the wake of the world financial crisis and shows how rational decisions made by the leadership is diversifying the economy while having a positive impact on the market activity and the national products competitiveness.
The report added that imports have restored the growth ratios prior to the global financial crisis levels and that the imports have been raised from AED 485.4 billion ($132.15bn) in 2010 to AED 602.8 billion ($164.11bn) in 2011, achieving an increase of 24%, thus reflecting the world trust in the national economy with its two branches: the governmental sector and the private sector and also the belief in the state ability to recover its position in the retail trade and supplying the markets abroad with the products needed again.
It added that the magnificent exports growth rate expresses the high competitiveness of the national products together with that the increase of the exports versus the decrease of the imports means that the exports contribute to minimise the financial deficit, the matter which results in a series of positive impacts like having more foreign currency invested, enriching the national laborer experiences and extending the national products presence in the world markets.
The FCA statement disclosed that 10 countries dominated almost 67% of the total value of the imports of UAE. The total value of the country’s imports was about AED 369.6 billion ($100.62bn) in 2011.