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FINANCIAL NEWS
UAE’s trade hits USD490.5b in 2011
22 Oct 2012
(MENAFN) The Inter-Arab Investment Guarantee Corporation (IAIGC) stated that last year; the UAE dominated the Arab scene in terms of trade, reaching nearly USD490.5 billion, reported Emirates 24/7.
The country’s trade represented around 24.3 percent of total Arab trade, which hit USD2 trillion.
The Kuwait-based corporation said that the UAE’s exports were at USD285 billion, whereas imports stood at USD205 billion, the highest in the Arab world.
Second came Saudi Arabia, with a trade of about USD475.5 billion, including around USD364.5 billion worth of exports, due to its huge oil output, standing at over 9 million barrels per day (bpd) at the current time.
On the other hand, Iraq ranked at the third place, with approximately USD137 billion in trade in 2011, followed by Qatar with around USD124.5 billion, Kuwait with USD123.5 billion and Algeria with nearly USD119.5 billion.
It is worth noting that Egypt’s total trade stood at USD88 billion in 2011, Oman at USD70 billion and Morocco at almost USD65 billion.
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