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UAE-UK trade rises to $6.2b in H1 2010

ABU DHABI — Trade between the UAE and the United Kingdom (UK) rose to $6.2 billion in the first half of the year with imports reaching $2.8 billion.

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The total UAE exports including non-oil exports and re-exports to the United Kingdom in the same period outperformed the whole previous year 2009, a new study by the Ministry of Foreign Trade (MoFT) revealed.

UAE’s non-oil exports reached $116 million and re-exports totaled $316 million in the first half of 2009, according to the study which was released by the Ministry, ahead of the forthcoming state visit to UAE by Queen Elizabeth II and Prince Philip, Duke of Edinburgh.

The non-oil trade exchange has significantly grown over the past years as both countries have shown keen interest in furthering cooperation and ties in various spheres.

The total non-oil trade for the same period reached $5.5 billion with UAE exports, which also include re-exports, to the UK accounting for more than $422 million. Trade with the UK accounted for 3.1 per cent of the total UAE’s non-oil foreign trade in 2009 as the UK ranks ninth on the list of the nation’s largest trade partner and 24^th largest importer.

Close trade ties between the two countries are also evinced by regional and international trade figures as the UAE alone receives 31.5 per cent of the UK’s exports to all Arab countries making its largest Arab export market.

UAE exported pearls, natural or cultured, precious or semi precious stones, precious metals; imitation jewelry; coin worth $21.7 million. Exports of Polymers and its products in 2009 increased by 5.2 per cent year-on-year to reach $20.9 million.

The value of bricks, blocks, tiles and other ceramic goods of siliceous fossil meals, went slightly down to $12 million in 2009. — haseeb@khaleejtimes.com