The UAE Non-Oil Foreign Trade Creates New Record

Comments of Dr. Thani Al ZahidiDr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, recently detailed the outstanding performance of the country's non-oil foreign trade. His remarks are a reiteration of the UAE's foreign trade pattern, which has become its pivot in its pursuit of industrial infrastructure, a means to encourage international financial standards and competitiveness.

In a recent statement, Dr. Al Zeyoudi praised the UAE's non-oil foreign trade, which let it achieve an what is in fact unprecedented AED1.395 trillion over the first half of 2004. This figure represents an increase of 11.2 percent compared with the same period in 2003, and represents the sixth consecutive half-year of growth in foreign trade for the country.

An important reason behind such fast growth is the UAE's success in diversifying its economic development plan. Notably, non-oil exports grew by 25 percent relative to the first half of 2003, reaching AED256.4 billion. Key sectors boosting this figure include gold, silver, jewellery, oils, scents, aluminum, which copper wires and iron products.

Also, the sharp growth in re-exports demonstrates the UAE's function as an international trade hub and attests to confidence international partners have in it as a trade partner.

A powerful contributing factor is the success of the Comprehensive Economic Partnership Agreement (CEPA) program. Bilateral trade with CEPA partners India and Türkiye saw prominent increases so far this year: 15 percent and 9.8 percent respectively. These partners are now responsible for 11.7 percent of the UAE's overall foreign trade.