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FINANCIAL NEWS
UAE-Saudi trade reaches USD48.63b in 12 yrs
19 Jul 2012
(MENAFN) The UAE’s Federal Customs Authority’s (FCA) acting director-general, Khalid Ali Al Bustani, stated that trade between the country and Saudi Arabia hit USD48.63 billion in 12 years, reported Khaleej Times.
Al Bustani said that from 1999-2011, Saudi captured over 42 percent of the UAE’s non-oil trade, to keep its position as the main trade partner for the UAE in the GCC.
During the period, UAE exports stood at USD6 billion, whereas its re-exports reached USD11.64 billion, on the other hand, Saudi imports were around USD30.97 billion.
It is worth noting that recently, both sides held a meeting to boost customs collaboration, exchange opinions and information related to general trade issues and extend the mechanisms needed for overcoming potential obstacles to the transport of goods through the agreed-upon communication channels to meet citizen ambitions in both countries.
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