Sunday, August 21, 2005

UAE imports surge :: KT

Quoting; emphasis added:

The UAE's imports exceeded Dh185 billion last year. The imports have grown rapidly over the past few years due to a constant growth in the non-oil economy, which accounted for more than a fifth of the UAE's total imports of goods, according to statistics by Arab Monetary Fund (AMF).

Dubai handles about 73 per cent of UAE's total foreign trade. The emirate's total imports reached Dh116.5 billion in 2004 with 16 per cent growth in foreign trade, according to a report by Dubai Chamber of Commerce (DCCI).

The import trend surged tremendously as population has increased and goods are re-exported. The UAE has emerged as a major re-export hub with 72 per cent of goods imported being re-exported to 160 countries.

According to another report by Emirates Industrial Bank, recent trends show sharp increase in imports. Growth in import demand is now keeping pace with the GDP growth and expansion of the non-oil sector. However, this rise in imports has been cushioned by an even larger increase in re-exports as UAE is the third largest re-exporter in the world after Singapore and Hong Kong.


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