Non-oil foreign trade grew by 174.9% in last four years

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UAE’s non-oil foreign trade exchange has posted a whopping 174.9% growth to US$ 215 billion in 2008 from US$ 78 billion in 2008, according to a study by the Ministry of Foreign Trade.

”Value of non-oil exports (exports and re-exports) rose by 35.6% in 2008 in comparison to 2007 while that of imports surged 45.7% driven by several factors including rapid population increase, growing consumer consumption, marked rise in tourists’ inflow,” the study said.

The study noted that mining, electronic and mechanical, and artistic products dominated 71.3% of the total foreign trade over the period under review.

”Natural or cultured pearls, precious or semi-precious stones, and precious metals accounted for 26.5%, followed by machinery and mechanical appliances, electronic equipment, sound recorders and reproducers at 19.4% and art works collector pieces and antiques with less than 1%,” the figures showed.

It noted that trade exchange of articles of stone, plaster, cement and asbestos and mica shot up to 277% in 2008, posting the highest contribution, followed by by iron and steel at 120.7% and then aircrafts at 11.9%.

The study also noted a marked increase in deficit of trade balance at $93.2 bn in 2008 due to rise in value of imports to two-thirds of total foreign trade.

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