Saudi Arabia top GCC partner for UAE non-oil trade

Saudi Arabia was the UAE’s top GCC partner for non-oil trade in the first quarter of 2016, accounting for 35.7 percent (AED 8.7 billion) of non-oil trade in the region, new data from the country’s Federal Customs Authority (FCA) showed.

Oman ranked second with a share of 26.3 percent (AED 6.4 billion), followed by Qatar at 17.5 percent (AED 4.2 billion), Bahrain at 10.2 percent (AED 2.5 billion), and Kuwait at 10.1 percent (AED 2.4 billion).

The UAE’s non-oil trade with GCC countries during Q1 accounted for 9 percent (AED 24.2 billion) of the country’s total non-oil global trade, which stood at AED 269.5 billion during the period.

Non-oil foreign trade remained stable compared with the same period last year, despite a global economic slowdown and declining imports and exports in many of the UAE’s top trade markets, the FCA said.

Countries in Asia, Australia and the Pacific region still accounted for the largest share of UAE non-oil exports with 35 percent (AED 16 billion). The Middle East and North Africa (MENA) came second with 30 percent (AED 13.9 billion), followed by Europe with a share of 26 percent (AED 12.2 billion).

Raw gold and manufactured gold topped the list of imported and exported products in the first quarter.

Write to Jerusha Sequeira at jerusha.s@argaamnews.com