FINANCIAL NEWS

UAE’s non-oil trade increases 8% by July-end

07 Oct 2010

(MENAFN) The UAE’s Federal Customs Authority said that the country’s non-oil trade surged by eight percent year-on-year in the first seven months of this year; exports showed a significant role in the overall expansion, Khaleej Times reported.

Non-oil trade reached $112 billion in the first seven months of 2010 compared to $103.8 billion in 2009.

Imports increased 2 percent at the end of July to $73.66 billion compared with $72 billion in the same period of 2009. On the other hand, exports increased by 31 percent to $12 billion in the first seven months while re-exports increased by 16 percent to $26.3 billion which means that the economy is bouncing back.

In the month of July, the non-oil trade increased by 4 percent reaching to $15.7 billion. According to the statement, exports posted a 24 percent growth, while, re-exports showed a mature growth of 10 percent.

The top exports items during the month of July were led by gold and its products, followed by iron and steel plates, sheets, coils, bars, plastics, metal scrap and sugar.

The Federal Customs Authority, or FCA, said that the total value of trade within its free zones in last June amounted to $143 million, with a lion?s share coming from Jebel Ali Free Zone that contributed about $107.5 million.

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