UAE’s direct non-oil trade totals AED 269.5 billion during Q1 of 2016

According to the Federal Customs Authority (FCA), the direct non-oil trade in the UAE totalled AED 269.5 billion during the first quarter of 2016. This included AED 166.1 billion worth in imports, AED 46.8 billion in exports and AED 56.6 billion in re-exports. Although these figures are marginally down from last year, the direct non-oil trade has managed to remain robust despite the global oil price crisis.

Asia, Australia and the Pacific ranked top as the region’s non-oil trade partners with a share of AED 108.3 billion or 42 percent of the total. Specifically, gold and jewellery dominated the imports amounting to AED 24.5 billion or 15 per cent of total non-oil imports into the country. Much effort has been invested into the diversification of the economy by the UAE Government including spending cuts to deal with lower revenue.

As the UAE continues to strengthen its position as a global trade hub, this will naturally contribute towards enhancing the country’s status as an attractive business environment. Its ongoing economical progression is testament to the leadership’s vision and commitment to accomplishing the national diversification strategy.

Article by Links Group on Jul 12th 2016