Abu Dhabi: The non-oil foreign trade sector in United Arab Emirates surged AED1.3 trillion in 2011 compared to AED1.1 trillion in previous year, up by AED200 billion at growth rate of 18. 2 per cent, according to the initial statistical reports released by the Federal Customs Authority (FCA).
It added in a statement issued today that the total of UAE non oil foreign trade increased to AED927.7 billion during the year, while the value of free zones’ trade increased to AED367.7 billion, of which AED212.5 billion was value of the imports and AED145.2 billion was value of the exports and re-exports.
FCA declared in a press release that the primary statistical database of the year 2011 is an important economic standard indicating the national economy recovery and the increase of the national products competitiveness in the world markets. Moreover such data show the state policies’ successes following the world financial crisis and represent how far the rational leadership has turned the economic diversification policy to a real fact bringing up several positive impacts on the market activity and the national products competitiveness.
It pointed out in its statement that the imports have restored the growth ratios as prior to the world crisis and that the imports have been raised from AED 485.4 billion in 2010 to AED 602.8 billion in 2011, achieving an increase of 24 per cent, thus reflecting the world trust in the national economy with its two branches: the governmental sector and the private sector and also the belief in the state ability to recover its position in the retail trade and supplying the markets abroad with the products needed again.
It added that the magnificent exports growth rate expresses the high competitiveness of the national products together with that the increase of the exports versus the decrease of the imports means that the exports contribute to minimize the financial deficit, the matter which results in a series of positive impacts like having more foreign currency invested, enriching the national laborer experiences and extending the national products presence in the world markets.
FCA declared in the press release that 10 countries dominated almost 67 per cent of the total value of the imports of UAE. The total value of UAE imports was about AED 369.6 billion in 2011.