UAE's Non-Oil Foreign Trade Reaches $133 bn in August.

ABU DHABI: The UAE's non-oil foreign trade rose to 477.6 billion dirhams (about $130 billion) in the first eight months of 2010, up by nine percent, compared to 436.4 billion dirhams in the corresponding period last year.

The preliminary data released by the Federal Customs Authority (FCA) Monday shows the persistent economic growth of the UAE and reflects the extent of success achieved through policies pursued by the government in abating the negative effects of the global economic crisis, officials said.

The most notable observations that can be read from the data are the unprecedented rise in growth rates in exports and re-exports items compared to growth rates in imports items.

It confirms success of economic diversification policies pursued by UAE in recent years in reducing the country's trade balance deficit with the outside world, the FCA said.

It also added that "preliminary statistical data for August 2010 revealed a three percent total growth of imports during the said period, with a rising value of 311.5 billion dirhams at the end of August 2010 from 301.2 billion dirhams in the corresponding period last year.

"Whereas the exports item witnessed a considerable 38 percent growth rate compared to growth in exports item in the corresponding period, due to the increase in exports value from 38.8 billion dirhams in the first eight months of 2009 to 53.6 billion dirhams in the same period in 2010.

"Similarly, re-exports item witnessed 17 percent growth rate during that period, with a rising value from 96.4 billion dirhams to 112.5 billion dirhams.

India, China, the US , Germany, Japan, Britain, Italy, South Korea, Malaysia, and France, respectively, topped the list of exporting countries to the UAE in August 2010 with a total export value of 25.5 billion dirhams, 62 percent of the total value of UAE imports, the FCA said in a statement.

In non-oil exports, Norway, India, Switzerland, Saudi Arabia, Iran, Iraq, Qatar, Kuwait, Pakistan, and Hong Kong, respectively, topped the list of importing countries from the UAE, at a value of 4.7 billion dirhams during the same period -- 82 percent of the total value of UAE exports.

In re-export, India, Iran, Iraq, Bahrain, Afghanistan, Saudi Arabia, Qatar, Pakistan, Belgium and Kuwait, respectively, topped the list, at a value of 11.7 billion dirhams, constituting 75 percent of the total value of UAE export.

Source : economictimes.indiatimes.com