A surge in the UAE’s gold exports because of higher prices boosted the country’s total non-oil trade by nearly 14 per cent and the bulk of the increase was in sales to India and Switzerland, according to official data.
From around Dh660.4 billion in 2009, the UAE’s trade excluding oil and gas exports swelled to nearly Dh754.4 billion in 2010 to allow the country to maintain its position as the second largest Arab economy and commercial centre after Saudi Arabia, showed the figures by the UAE ministry of foreign trade.
Excluding gold and precious metal sales, the UAE’s total non-oil trade grew by only about five per cent last year, the report showed.
Exports soared by around 27 per cent to Dh83.1 billion last year as a result of a 37 per cent leap in exports of gold and other precious metals.
The report showed the UAE’s exports covered 198 markets around the world but nearly 77 per cent of the exports were concentrated in 12 markets, including the country’s traditional trade partners India, China, other Asian nations and Europe.
“Exports to those 12 markets surged by around Dh16.4 billion in 2010, representing nearly 92 per cent of the growth in the UAE’s total exports,” it said.
“Growth in exports to India alone stood at Dh6.1 billion, more than a third of the total increase in exports last year…. exports to Switzerland grew by nearly Dh4.7 billion while there was an increase of nearly Dh2.6 billion in exports to such a non-conventional market as Norway.”
The report showed gold ingot exports jumped by around 43 per cent to Dh38.8 billion in 2010 from nearly Dh30.8 billion in 2009 and nearly 97 per cent of the increase was in gold sales to India and Switzerland.
Re-exports, accounting for nearly a quarter of the UAE’s overall non-oil trade, surged by about 26 per cent to Dh185.9 billion from Dh147 billion.
Re-exports of gold and other precious metals stood at around Dh73.7 billion, nearly 40 per cent of the total non-oil exports.
“Re-exports of gold and precious metals contributed by about 64 per cent of the increase in total non-oil exports last year,” the report said.