UAE’s auto sector posts 19.7% growth in 2010
The Ministry of Foreign Trade (MoFT) recently released figures related to the automobile segment of the country. Country’s automotive market grew by 19.7 per cent in 2010 to $11.1 billion as compared to $9.2 billion reported during the corresponding period last year.
The country also did well on the export front as vehicle export increased by 32.4 per cent to $181.7 million up from $137.2 in 2010. However, import of luxury cars also rose by 40.8 per cent to $7.3 billion up from $5.2 billion in 2009. Import from Mexico, Taiwan and South Korea surged by 450 per cent, 443 per cent and 104 per cent in 2010.
The study forecasts positive outlook for the segment in the coming four years, and projects a compound annual growth rate (CAGR) of eight per cent for the segment up to 2014.
The Global Enabling Trade Report 2010 ranks UAE at 16th place and surprisingly ahead of the United Kingdom, Chile, and the United States. The country has a distinction in terms of providing quality of transport infrastructure.
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