UAE's general trade jumps in Q1

24/10/2012 - Dubai Investment News Posted by Neil King
UAE's general trade jumps in Q1

New figures relating to general trade in the UAE in the first quarter of 2012 make for very interesting reading.According to preliminary figures supplied by the Federal Customs Authority (FCA), the country's general trade volume was up by 6.7 per cent year-on-year during the quarter.The organisation confirmed that imports accounted for AED 219.9 billion (£37.49 billion), while exports and re-exports amounted to AED 38 billion and AED 88.3 billion respectively.A press statement released yesterday (October 23rd) by the FCA showed that total UAE non-oil foreign trade rose to AED 238.4 billion, while total Free Zone (FZ) trade went up to AED 107.8 billion in the same period.This is the latest revelation that highlights just how strongly the UAE's economy is performing at the moment.Investors all around the world are increasingly turning their attention to the Gulf and a recent study conducted by the World Bank suggested that the country is the second best place to start a business in the Arab world, beaten only by Saudi Arabia.Indeed, the World Bank's latest Ease of Doing Business Report 2013 indicated the UAE is now ranked at 26th in the world, up from 33rd in the previous survey.The FCA study highlighted countries in the Asia-Pacific region as being the most important trade partners for the UAE.A FCA representative said: "The MENA [Middle East and North Africa] region ranked second, representing 24 per cent, or AED 24.5 billion of the free zones' volume, followed by Europe (18 per cent, or AED 18.4 billion)."The UAE also conducted trade with the Caribbean region and Africa during the three-month period, the organisation added.With more start-up businesses emerging in places like Dubai, economists believe the UAE will continue to go from strength to strength in the future.A lot of technology companies are recognising the Middle East as an increasingly important market to explore and a host of major manufacturers now launch their latest products in the UAE before anywhere else.