UAE records BoP surplus

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An increase in oil prices, along with higher private capital inflow and lower outbound funds transfers by the public sector; has turned the balance of payment deficit into a surplus in 2010, figures show.

This surge has widened UAEs current account surplus to around Dh41.2 billion, in 2010 from nearly Dh28.8 billion in 2008, as published by the central banks annual report.

There is a surplus in trade of about Dh106 billion from Dh79.6 billion after hydrocarbon exports soared to nearly Dh275.7 billion from Dh 249.2 billion following a sharp rise in the crude prices in 2010.

A spokesman for the central bank said, Preliminary estimates of the balance of payments in the UAE indicate an increase if the trade surplus as well as the current account surplus from 2009 to 2010, which was mainly due to the increase in oil prices.

Though the balance of services remained negative, last year, the services outflow increased from Dh 137.5 billion in 2009 to Dh153 billion in 2010.

The report also showed that the total exports swelled to around Dh275.7 billion in 2010 from Sh249.2 billion in 2009; while imports increased to nearly Dh592.7 billion from Dh549.7 billion. Hydrocarbon exports included around Dh 32 billion worth of gas sales last year compared with Dh30.5 billion in 2009.

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