UAE non-oil trade up 5.6 per cent in first nine months of 2016

The UAE’s non-oil commodity exports increased 5.6 per cent in the first nine months of 2016 to total Dhs128.7bn ($35bn), according to a new report.

The Federal Competitiveness and Statistics Authority said trade increased from Dhs121.8bn in the first three quarters of 2015.

Foreign trade during the period totalled around Dhs813.7bn ($221.5bn), an increase of 2.8 per cent on the previous year’s Dhs791.6bn, with imports making up the majority of trade with the outside world.

Import value to the country rose by 3.4 per cent to total Dhs520.9bn from Dhs503.6bn during the first nine months of 2015.

The trade in re-exported commodities decreased 1.2 per cent from Dhs164.2bn to Dhs166.2bn while Asian countries were the biggest contributors of commercial trade with a 40.4 per cent or Dhs328.7bn share.

Earlier this week Abdullah Al Saleh, undersecretary for foreign trade and industry at the UAE ministry of the economy, said the country anted to expand its trade ties with faster growing nations in Asia and Africa and was seeking free trade deals with China and India.

Read: UAE wants closer trade ties with Asia and Africa, says government official

Trade with Gulf Cooperation Council countries decreased 7.3 per cent to Dhs73.4bn or 9 per cent of total trade.