Wed 04-07-2018 19:01 PM
ABU DHABI, 4th July, 2018 (WAM) -- The value of trade exchange between the UAE and China in 2017 grew to US$53.3 billion (AED195.8 billion), compared to $46.3 billion (AED169 billion) in 2016, an increase of 15.1 percent.
A report on the non-oil foreign trade exchange between the UAE and China explained that this increase is the result of the rise in re-exports by 37.4 percent, valued at $3.5 billion (AED12.8 billion), as well as a growth in imports by 14.7 percent, valued at $48.3 billion (AED177.4 billion).
The UAE’s foreign trade with China in 2017 varied between direct trade, which was valued at $25.685 billion (AED94.3 billion) or 48 percent of the country’s total foreign trade, and free zones, which was valued at $27.644 billion (AED101.5 billion) or 52 percent.
The UAE’s foreign trade with China made up 14.7 percent of the UAE’s foreign total trade in 2017, according to initial statistics issued by the Ministry of Economy at the start of the current year.
The ministry stated that the UAE’s total foreign trade value in 2017 reached AED1.7 trillion while predicting continued growth in 2018 and beyond.
The data from the report also showed that the value of direct trade varied between $21.718 billion (AED79.7 billion) in terms of imports, around $1.386 billion (AED5 billion) in terms of non-oil exports, and $2.580 billion (AED9.5 billion) in terms of re-exported goods.
The report explained that the trade value of imported phone devices reached $6.509 billion (AED23.9 billion) while for equipment used to process data and magnetic and visual readers, this value reached $1.480 billion (AED5.4 billion).
Ethylene polymer products came in first place in the category of non-oil exports, with the value of $1.09 billion (AED4 billion) while cars and other vehicles designed principally to transport people came in first place in the category of re-exporting goods, with the value of $1.143 billion (AED4.2 billion).
The report analysed the investment and other sectors while pointing out that the key investment sectors for China included wholesale and retail trade, vehicle repair, transportation, storage, transformative industries, and information and telecommunications.
The report includes the list of major UAE investment companies in China and high-profile trips made by UAE officials to China during the last three years.