x Abu Dhabi, UAEFriday 21 July 2017

Gold helps to spur non-oil trade for UAE by 23 per cent

A surge in exports, driven by a growing demand for gold, pushed non-oil trade for the UAE up 23 per cent, to Dh524 billion, through July last year.

Cargo containers pile up at Terminal 1 in Jebel Ali Port in Dubai. Pawan Singh / The National
Cargo containers pile up at Terminal 1 in Jebel Ali Port in Dubai. Pawan Singh / The National

A surge in exports driven by growing demand for gold pushed non-oil trade for the UAE up by 23 per cent between January 1 and July 31 last year.

Foreign non-oil trade increased by Dh98 billion (US$26.68bn) during the first seven months of last year, to Dh524bn, according to figures released by the Federal Customs Authority.

Exports grew 45 per cent, to Dh64.7bn, compared with the first seven months of 2010, as investors and shoppers around the world turned to precious metals.

Often perceived as a safer investment during times of volatility, gold came out on top among exports at a value of Dh5.9bn.

Petroleum oils and other derivatives brought in Dh262 million, while jewellery and ornaments were also popular exports and were valued at Dh190m.

Countries including Switzerland, India, Saudi Arabia, Iran and Singapore accounted for 75 per cent of all non-oil exports, valued at Dh7.4bn.

Turkey, Kuwait, France, Qatar and Iraq were also among the leading importers of goods from the UAE, and accounted for three-quarters of non-oil exports from the Emirates.

Imports to the UAE also grew to the end of July last year, up 22 per cent to Dh337.1bn.

There was less growth in the re-export of goods such as diamonds, jewellery and cars, at 16 per cent. Combined, re-exports totalled Dh122.1bn.

Countries such as Iran, India, Belgium, Iraq and Saudi Arabia topped the UAE's re-export destinations.

More than 70 per cent of all re-exportswent to these countries and to Afghanistan, Hong Kong, Switzerland, Kuwait and Bahrain.

nparmar@thenational.ae

twitter: Follow our breaking business news and retweet to your followers. Follow us