UAE’s non-oil trade is more than two-third of total trade

UAE’s non-oil trade is more than two-third of total tradeAccording to the latest data available, the United Arab Emirates' non-oil foreign trade reached an impressive Dh1.56 trillion or around 68 per cent of the country's total trade with the world.

Data showed that the total foreign trade dealing with items other than oil accounted for more than two thirds of the total trade at 68 per cent of the total trade volume in 2015. Data showed that the free zone trade volume also increased to Dh497 billion in the year.

The total export from the country rose 17 per cent compared to the previous year reaffirming confidence in the local products and their position in the global markets. The increasing international confidence in UAE local products and high competitive advantage in many global markets were some of the factors allowing the country to increase exports. The total imports accounted of Dh952.3 billion during the year.

Commissioner Ali Al Kaabi, head of the Federal Customs Authority pointed out that the total non-oil trade in 2015 recorded stability due to the economic diversification and falling oil contribution to GDP. Experts said that the growth in non-oil business shows the confidence of businesses in the global markets and trading partners.

Al Kaabi said, "This reaffirms the strength of the UAE economy and its ability to meet the challenges and implications of various financial and economic crises that are impacting the economies of other trading partners, such as China, which is experiencing a marked slowdown in growth rates."