Posted by Bob Brunskill
Singapore recorded a 39 per cent year-on-year increase in its imports from the UAE during the first quarter of 2010, a new study has revealed.
The report by the Dubai Chamber of Commerce & Industry noted that as a major oil processing centre, Singapore supplies countries from around the world with processed oil and oil products. It added that the UAE supplies about seven per cent of Singapore's imports of petroleum oil and products.
It was also observed that Singapore's exports to the UAE have expanded significantly in recent years.
"In 2009, the UAE was the 18th largest export market of Singapore, ahead of Belgium and France. Likewise the UAE has become Singapore's single largest export market in the Middle East," commented the Dubai Chamber.
Singapore's top exports to the UAE were identified as pearls and precious stones and metals.
Meanwhile, it was reported last week that the Arab Trade Financing Program approved 110 requests for financing trade deals worth $160 million in the first quarter of 2010.