Abu Dhabi’s non-oil trade slips 2 pct in 2010
Abu Dhabi's non-oil trade fell by over two percent in 2010 according to the latest figures.
March 5, 2011 2:09 by Reuters
Abu Dhabi’s non-oil trade fell by over two percent in 2010 due to lower imports although exports grew 22 percent, latest figures from the General Directorate of Customs showed on Saturday.
Abu Dhabi’s non-oil trade volumes totalled 109.17 billion dirhams ($29.71 billion) in 2010, down 2.58 percent from 2009, it said in a statement.
Abu Dhabi, capital of the United Arab Emirates, the third largest oil exporter in the world is investing billions of dirhams in industry, tourism and infrastructure to diversify its economy away from oil.
Imports into the emirate stood at 86.57 billion dirhams in 2010, down 7.8 percent while non-oil exports grew to 11.61 billion dirhams, up 9.5 percent over the previous year.
Re-exports touched 10.99 billion dirhams in 2010, an increase of 26.4 percent.
“The statistical data for 2010 shows continued growth in non-oil exports and re-exports with a minor decline in imports. They reflect the overall improvement of the trade balance of Abu Dhabi,” Saeed Ahmed al Muhairi, the directorate’s director-general said in the statement.
The U.S. was Abu Dhabi’s top trading partner in terms of imports, followed by Saudi Arabia and Japan.
The top non-oil export partner was Brazil. Norway and Saudi Arabia came next, the statement said.
(Reporting by Stanley Carvalho, Editing by Jason Benham)