Abu Dhabi trade surplus drops 12.9%

Abu Dhabi's foreign trade surplus fell 12.9 per cent to Dh237.3 billion last year, as oil export income slipped due to the global economic downturn, data showed yesterday.

Gulf Arab Opec members slashed output of their key revenue earner after oil prices tumbled from their 2008 record high of $147 a barrel as a result of the global crisis.

"The decrease [in trade surplus] was due primarily to the drop in average oil prices in 2009," Abu Dhabi Department of Economic Development said.

Exports of Abu Dhabi, the capital of the UAE, fell 8.7 per cent to Dh331.2bn last year, compared with 2008. Oil exports account for 95 per cent of the overall figure. Oil export income dropped 11 per cent to Dh313bn last year, after jumping 39 per cent in 2008.

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