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29 March 2024

Free zones trade hits Dh101bn

Published
By Wam

Trade volume in UAE free zones of 2011 first quarter reached approx. Dh101 billion, as against Dh84.6 billion in the same period in the last year, an increase of Dh16.4 billion, showing 19 per cent growth.

The Federal Customs Authority (FCA) announced in yesterday that the free zone trade of the first quarter of this year represents 31 per cent of the total volume of the trade, referring to the fact that the total UAE trade volume (non-oil external trade and free zone trade) in the first quarter of the year reached Dh329.4 billion, of which imports hit Dh204.2 billion, Dh27.3 billion for exports and re-exports contributed Dh98 billion.

FCA added that the free zone trade data reflects the economic role played by those zones in national economy and international trade.

The growth rate in the free zones trade reveals a rebound in economy and trade, and highlights the national economy's ability to lure foreign funds.
It also confirms that the UAE outshines as an ideal business environment.

China, India, USA, Japan, South Korea, the UK, Hungary, Switzerland, Malaysia and France respectively, were the leading exporters to the free zones in the first quarter with a value of Dh39.6 billion, or 69 per cent of the total value of the UAE imports.

Regarding exports, Iran, India, Iraq, Germany, USA, Egypt, Saudi Arabia, UK, Turkey and Somalia consecutively were on top with a gross value of Dh1.6 billion, representing 56 per cent of the total UAE exports.
Meanwhile, Saudi Arabia, Iraq, Iran, Kuwait, Hong Kong, Belgium, Afghanistan, Bahrain and Oman consecutively were on top in re-exports with a gross value of Dh27.6 billion, representing 68 per cent of the total UAE re-exports.

The re-exports of the UAE free zones to the GCC countries rose compared to its imports, which means that GCC region is a key re-export destination for UAE free zones.

The trade volume with this region in terms of value, in the first quarter of the year, reached almost Dh11.1 billion, of which imports represented Dh1.7 billion, compared to Dh9.3 billion in re-exports and Dh182 million in exports.

According to the authority Saudi Arabia was the leading trading partner among GCC countries with a trade volume of Dh6.5 billion in the first quarter of 2011.