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FINANCIAL NEWS
Abu Dhabi’s trade surplus drop 12.9% in 2009
12 Apr 2010
(MENAFN) Abu Dhabi’s foreign trade surplus dropped 12.9 percent to $64.62 billion in 2009, as oil export income declined during the year amid the global economic slump, Reuters reported.
The GCC members slashed production of their key revenue earner after oil prices slumped from their 2008 record high of $147 a barrel as a result of the global crisis.
According to a statement issued by Abu Dhabi Department of Economic Development, the decline in trade surplus was mainly due to the fall in average oil prices last year.
The emirate’s exports dropped 8.7 percent to $90.17 billion in 2009 compared with 2008. Oil exports account for 95 percent of the overall figure.
Abu Dhabi’s oil export income fell 11 percent to $85.21 billion last year, after climbing 39 percent in 2008.
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