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FINANCIAL NEWS
UAE eyes 25% rise in 2011 non-oil trade
24 Jan 2011
(MENAFN) Abdulla Al Saleh, Director General at the UAE’s Foreign Trade Ministry, said that during 2011, the country’s non-oil trade is forecasted to grow by up to 25 percent, aided by new links with Asian and African markets, Reuters reported.
According to Al Saleh, non-oil trade in the world’s third-largest crude exporter is expected to increase by 20 to 25 percent. However, the figures will be determined by the pace of global recovery and potential external shocks, whereas increased trade with developing countries will be dependent on recovery in other sectors, he explained.
By October-end of 2010, the value of the Opec member’s non-oil trade jumped 12 percent year on year to $165 billion, whereas non-oil exports were up 37 percent from the previous year; re-exports accelerated 19 percent, and imports, which accounted for 65 percent of the total trade volume, increased by a more modest 6 percent, said Al Saleh.
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