Khaleej Times reported that UAE’s non oil foreign trade exchange has posted a whopping 174.9% growth to USD 215 billion in 2008 from USD 78 billion in 2008.
A study by the Ministry of Foreign Trade said that “Value of non oil exports rose by 35.6% in 2008 in comparison to 2007, while that of imports surged 45.7% driven by several factors including rapid population increase, growing consumer consumption, marked rise in tourists’ inflow.”
The study noted that mining, electronic and mechanical and artistic products dominated 71.3% of the total foreign trade over the period under review.
The figures showed that “Natural or cultured pearls, precious or semi precious stones and precious metals accounted for 26.5% followed by machinery and mechanical appliances, electronic equipment, sound recorders and reproducers at 19.4% and art works collector pieces and antiques with less than 1%.”
