UAE’s non-oil foreign trade hits AED269.5bn in Q1 2016

, ,
UAE's non-oil foreign trade hits AED269.5bn in Q1 2016

UAE’s non-oil foreign trade hits AED269.5bn in Q1 2016

(Abu Dhabi) – The UAE’s direct non-oil trade recorded AED 269.5 billion during the first quarter of 2016, maintaining almost the same figures achieved in Q1 last year, said the Federal Customs Authority (FCA).
FCA said its preliminary statistics show that imports, AED 166.1 billion, accounted for more than half of the UAE non-oil foreign trade during Q1 this year, while exports recorded AED 46.8 billion and exports AED 56.6 billion in the same period.
The FCA, in a press release, said the UAE non-oil foreign trade during Q1 showed remarkable stability compared with same period last year, despite slowing global economic growth rates and declining imports and exports in several UAE key strategic partner countries because of the global oil price crisis that hit global economy last year.
The UAE’s wise policy of economic diversification and building sustainable national industries helped save the UAE status as a world trade hub, and the trade gateway to the near and middle east and north Africa, Commissioner Ali Al Kaabi, the FCA chairman said.
Trade and customs logistics offered at UAE ports and land, air and marine posts, outperforming many regional and world counterparts, helped attract trade and keep foreign trade stable, Al Kaabi added.
He also pointed out that the UAE rose to 13th international position and 1st ME position on 2016 Logistics Performance Index published recently in the World Bank report. Thus, the UAE came among the world’s leading countries in logistics, ahead of Canada, Finland, France, Denmark, Australia, China, South Korea, and all MENA countries.
The FCA head also explained that local customs department implemented in recent years national strategies that aligned with the UAE 2021 Vision. This contributed to enhancing customs performance, boosting infrastructure at customs posts, and enhanced shipping timeliness and security. All this culminated in enhancing UAE position in the world trade scene.
In terms of weight, the UAE total non-oil trade in Q1 2016 recorded 48.4 million tonnes: 18 million tonnes of imports, 28.2 million tonnes of exports and 2.2 million tonnes of re-exports.
In its statement, the FCA indicated that the list of UAE non-oil trade partners remained stable, region-wise, during Q1 2016 as regions retained their respective shares of total trade despite slowing growth rates in several key countries.
(Courtesy WAM)