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Non-oil trade of UAE rises 18.6pc

ABU DHABI — The United Arab Emirates’ non-oil foreign trade grew by 18.6 per cent during 2006 to reach Dh 340.1 billion, compared with Dh286.8 registered in 2005, according to a report published in the journal of the Emirates Industrial Bank.

The report said that the growth in UAE’s external trade was helped by the rapid progress of the country’s economy which prompted many regional and international institutions to consider enhancing commercial and economic ties with the UAE. It went on to say that such relations are taken as a benchmark to measure current changes in global economic relations.

The report noted that volume of the UAE’s non-oil external trade had tripled during the last three years, indicating the increasing role of the emerging asian economies such as China,

India and Malaysia in the country’s foreign trade.

The report also pointed out that the rise in UAE’s trade exchange with the world’s leading economies signifies a major change in global trade.

According to the report, the country’s imports went up by 17 per cent in 2006 to Dh 319.5 billion, against Dh 273.1 billion in 2005. This was due to the increase in population which led to a rise in the demand for goods and services.

UAE’s exports soared to Dh20.6 billion in 2006, up by 49.3 per cent from Dh13.8 billion in the previous year. Re-exports registered a slight 0.6 per cent increase from Dh113.2 billion to Dh113.9 billion within the same period.

UAE’s non-oil trade exchange with China surged last year by 32 per cent to reach Dh52.2 billion.