UAE-Japan trade up 47% in 2010

Trade between the UAE and Japan went up by 47 per cent during the first five months of 2010 to $14.96 billion compared with $10.18 billion during the corresponding period of last year.

According to data released by the Japan External Trade Organisation (Jetro), Japan’s imports from the UAE spiked up by 58.5 per cent to $12.03 billion in the period, up from $7.59 billion in the January to May period last year.

The increase is primarily attributed to the rise in the price of crude oil, Japan’s main item of import from the GCC. Crude oil prices were up 72.36 per cent in the period.

On the other hand, the UAE’s imports from Japan during the same period went up 13.1 per cent to $2.93 billion in the first five months of 2010 compared with $2.59 billion until May 31 last year.

Overall, the trade between Japan and the GCC grew 54 per cent during the first five months of the year to $51.12bn from $33.19bn in the corresponding period last year.

Saudi Arabia remains Japan’s largest trading partner in the GCC, followed by the UAE.

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