UAE non-oil foreign trade surged 14 per cent to Dh754.4 billion (US$205.4bn) last year as an improving global economy stoked demand for goods and services.
"The sturdy growth in the UAE non-oil foreign trade during 2010, despite the challenges faced by the international trade and with the continued international financial crisis and political upheavals, confirms that the UAE foreign trade is on the right track towards normalisation," the Federal Customs Authority (FCA) said.
Exports without crude rose 27 per cent last year compared with 2009 to Dh83.1bn, according to FCA figures released yesterday.
The rising price of gold helped to push up the country's trade. The metal was the country's number one non-oil export, with sales reaching Dh38.4bn.
Other precious metals, along with sea craft such as fire floats and dredgers, were also among the top exports.
Re-exports represented the biggest portion of non-oil trade, increasing 26 per cent to Dh185.9bn over 2009. Non-oil imports increased by 8 per cent year-on-year to Dh485.4bn, the data show.
India, China and the US were the key exporters to the UAE. India, Iran and Iraq were the top re-export markets.
Gold, diamonds, cars and telephone handsets were the leading traded goods. Gold prices rose more than 26 per cent last year as investors flocked to the metal as a safe haven from turbulence in the price of the dollar and other currencies.
As a centre for the refinery and retail of gold, the UAE benefited from rising demand. It also gained from its status as an important re-exporter.
Dubai accounted for 76 per cent of the UAE non-oil trade last year. Turmoil in parts of the Mena region since the start of the year has affected the emirate's trade, with re-exports by members of the Dubai Chamber of Commerce and Industry to Libya, Egypt, Tunisia and Yemen dropping by up to 30 per cent in February compared with the same period last year.
But total outward trade rose by 8.3 per cent to Dh17.6bn in the month compared with February last year.
tarnold@thenational.ae
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● Company: Bidzi
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● Based: Dubai, UAE
● Industry: M&A
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
