UAE's non oil trade up18.6 pct

The United Arab Emirates' non-oil foreign trade grew by 18.6 percent during 2006 to reach Dh 340.1 billion, compared with Dh 286.8 registered in 2005, according to a report published in the Journal of the Emirates Industrial Bank.The report said that the growth in UAE's external trade was helped by the rapid progress of the country's economy which prompted many regional and international institutions to consider enhancing commercial and economic ties with the UAE. It went on to say that such relations are taken as a benchmark to measure current changes in global economic relations.The report noted that volume of the UAE's non-oil external trade had tripled during the last three years, indicating the increasing role of the emerging Asian economies such as China, India and Malaysia in the country's foreign trade.The report also pointed out that the rise in UAE's trade exchange with the world's leading economies signifies a major change in global trade.According to the report, the country's imports went up by 17 percent in 2006 to Dh 319.5 billion, against Dh 273.1 billion in 2005. This was due to the increase in population which led to a rise in the demand for goods and services.UAE's exports soared to Dh 20.6 billion in 2006, up by 49.3 percent from Dh 13.8 billion in the previous year. Re-exports registered a slight 0.6 percent increase from Dh 113.2 billion to Dh 113.9 billion within the same period.UAE's non-oil trade exchange with China surged last year by 32 percent to reach Dh 52.2 billion, while its trade with the United States jumped by 33.7 percent to Dh 48.8 billion. The overall trade with Japan, including oil trade, saw a 28.7 percent growth to Dh 139 billion in 2006, thanks to the increase in oil exports to that country. Source