The UAE’s non-oil foreign trade totalled AED1.2 trillion ($330 billion) in the first nine months of 2018, according to preliminary statistical data of the Federal Customs Authority (FCA).
Ali Saeed Al Neyadi, customs commissioner and head of the authority, said that the country’s non-oil foreign trade continued to grow and stabilise despite the slowdown witnessed by many international markets in light of the decline in oil prices and limited growth rates in the major economies.
The authority said that direct non-oil foreign trade made up 62 percent (AED726.4 billion) of the total, with free zone trade accounting for 37 percent and the remainder seen at customs warehouses.
According to FCA figures, the value of non-oil imports amounted to AED697.2 billion, with native and semi-proceed gold the most popular, followed by telephone equipment and cars. The value of UAE exports reached AED134.7 billion, with gold representing 22 percent of the total, followed by raw aluminum, gold ornaments and jewelry.
The value of re-exports amounted to AED342.2 billion compared to AED325.2 billion of the previous year period achieving a growth rate of 5 percent, the FCA added, with telephone equipment ranking first, followed by non-compounded diamonds, gold ornaments and jewelry.
The figures also showed that the Asia-Pacific region was the UAE’s biggest trading partner during the period, accounting for 42 percent of the total non-oil trade (AED460.6 billion), followed by Europe.
Al Neyadi said that GCC countries continue to be a major component of the UAE’s trade relations, with Saudi Arabia named as the largest trading partner in the region.