Abu Dhabi’s non-oil exports rose 11.5 per cent in the second quarter, according to the latest figures from Statistics Centre – Abu Dhabi (Scad), as the emirate continued to build its transportation infrastructure.
At Dh27.6 billion, the quarter’s non-oil imports were up 7.5 per cent from a year earlier and represented about three times the value of non-oil exports, which stood at Dh9.53 billion.
“These growth figures are in line with Abu Dhabi’s 2030 vision,” said Alp Eke, senior economist at National Bank of Abu Dhabi (NBAD). “The main aim is to reduce reliance on hydrocarbons. One of the drivers for achieving this diversification is trade.”
Mr Eke added: “Abu Dhabi has invested significantly in transportation and logistics, such as the expansion of Abu Dhabi International Airport, Etihad Rail system and the industrial zones. Abu Dhabi is positioned to be a hub for logistics.”
Manufactured goods were the quarter’s largest category of non-oil exports, increasing by Dhs245 million or 10.8 per cent from a year earlier. Exports of non-ferrous metals increased by Dh84m, offsetting a decrease in iron and steel exports, which fell by Dh83m.
Scad did not provide percentage changes or total values for all categories.
Chemicals and related products were the No 2 export category, increasing 17 per cent or Dh211m in the quarter, led mostly by plastics in primary forms, which grew by 15.9 per cent to Dh181m.
Almost 86 per cent of Abu Dhabi’s non-oil exports went to Asia in the second quarter, with Saudi Arabia the leading destination with Dh1.5bn worth of exports, followed by India. Exports to Africa stood at 6.3 per cent and Europe at 5.8 per cent. Asia was also the top destination for Abu Dhabi’s re-exports in the second quarter; taking in 83.5 per cent of total re-exports.
In imports, machinery and transport equipment was the largest contributor, representing 48.4 per cent of the Dh13.4bn total.
Asia represented the leading source of imports through Abu Dhabi’s ports in the second quarter with a share of 47.2 per cent. Imports from Europe stood at 29.7 per cent and North America at 12 per cent.
The UAE’s overall GDP reached 5.2 per cent last year, its fastest rate of growth since 2007, beating the IMF’s forecast of 4.8 per cent. The UAE’s GDP growth was ahead of Turkey’s (4 per cent) and India’s (4.7 per cent).
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