Sino-UAE bilateral trade surpassed $10.7b in ’05

ABU DHABI —THE Sino-UAE bilateral trade in 2005 surpassed $10.7 billion mark, up by 32.3 per cent over the previous year and with China's Canton Fair coming up next month, official are hopeful the new trade levels would be achieved during the year.

By A Staff Reporter

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Published: Sun 12 Mar 2006, 10:51 AM

Last updated: Sat 4 Apr 2015, 3:33 PM

Jia Chunhai Economic and Commercial Counsellor, China told reporters at a briefing that trade between two nations is flourishing at a fast pace, with the phenomenal growth and expansion in the economy, which is also a factor in driving global economic growth.

"The GDP of the country totalled to $2.25 trillion, at the end of 2005, shooting up by 9.9 per cent over year 2004, while the total volume of export and import amounted to $1.42 trillion, an remarkable increase of 23.2 per cent over 2004, of which the exports stood at $762 billion and imports $660.1 billion", Jia Chunhai said.

He said that one reason for the fabulous growth is the trade fairs in China, which have introduced Chinese entrepreneurs to the new markets and customers for their world class products. Canton Fair, Chunhai said was world's second largest show of its kind and this year it will take place from April 15-30 and October 15-30. Drawing 200000 buyers from 210 countries last year, the Canton Fair is quite popular among the UAE's trading community also as it is evident from a large participation by 5032 businessmen who visited it last year, pushing the number up by 12 per cent. With this encouraging participation, the UAE traders entered into business transcations exceeding $1.35 billion, out of total transcations of $60 billion registered, about 20 per cent of the Chinese GDP. He said over 13000 exhibitors participated in the fair last year.

Chinese official said that the fair has kept regular business contacts with 300,000 international buyers and has established working relationship with more than 900 overseas chambers of commerce and industry.

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