India top trade partner of UAE

The Ministry of Foreign Trade said UAE's non-oil foreign trade rose by 33 per cent in 2007 compared to the previous year.

It reached $150.7 billion (Dh553bn).

In a press conference at its new premises, the ministry said India came first as the volume of its foreign trade with the UAE rose to $21.7 billion, followed by China ($12.8bn) and the United States ($9bn).

The UAE's foreign trade focussed 56 per cent and 57 per cent for the year 2006 and 2007, respectively, on around 10 countries at a growth rate of 35 per cent in terms of trade volume.

The rest of the world, which comprises around 180 countries, contributed 44 per cent and 43 per cent for the same period, respectively, at a growth rate of 30 per cent.

Director of Trade Analysis and Information Department Dr Mutar Ahmed Abdullah Al Ali said 80 per cent of UAE's foreign trade was concentrated on three groups of countries: non-Arab Asian nations, which came first with 42 per cent, Europe (26 per cent) and America (12 per cent).

Asked by Emirates Business on the retreat of the European partner and the advance of the Asian one, Dr Al Ali said European companies have set up vast plants of their brands in several Asian countries, and consequently the UAE imported those brands from Asia. Another reason is the rise in the exchange rate of the euro.

Dr Al Ali said the ministry has issued the first report on the structure of foreign trade and that it will publish 2008 statistics in April next year.

The report said UAE exports to the Asian group rose by 47 per cent and to GCC states by 23 per cent.

Export of commodities, such as aluminium, increased 70 per cent.

Follow Emirates 24|7 on Google News.