oil foreign trade rose 11 percent year-on-year in the first nine months to AED540.5 billion ($147.2 billion), data from the UAE Federal Customs Authority showed Sunday. The OPEC member's non-oil foreign trade was AED486.4 billion in the January to September period a year ago, the data revealed. Exports without crude jumped 39 percent to AED61.8 billion in the first nine months, compared to AED44.4 billion a year earlier, while re-exports increased 19 percent and imports 5 percent. “2011 export and re-export growth may be more modest relative to 2010 growth which is flattered by a low baseline effect from the global economic slowdown in 2009,” said Giyas Gokkent, group chief economist at National Bank of Abu Dhabi, adding he expected imports to rise in 2011 on economic recovery. “I would assume automotives, electronics, precious metals and jewelry, and capital goods to remain amongst top trade categories.” Abu Dhabi accounts for almost all oil production of the world's third largest crude exporter. Dubai is a major trade hub in the Gulf region with a nearly 81 percent share of UAE non-oil trade. In a Reuters poll last week, analysts forecast a 2.3 percent economic growth this year and 3.6 percent in 2011. In September, India, China, and the US were the key exporters to the UAE. Re-exports - the bulk of the UAE trade economy - were led by India, Iran, Iraq, Afghanistan, Bahrain, Hong Kong, Qatar, Kuwait, Belgium and Saudi Arabia, making up AED11.9 billion or 76 percent of UAE re-exports. Analysts expect higher exports and re-exports in 2011 due to recovering global oil demand stemming from Asia. “Re-export growth is due to higher demand in the wider region, especially Saudi Arabia,” said John Sfakianakis, chief economist at Riyadh-based Banque Saudi Fransi. Diamonds topped the list of re-exports in September with AED5.7 billion, followed by motor vehicles and telephone sets, while gold was the top imported and exported good. The UAE is on the fast track of economic growth and prosperity on the back of stronger performances by key sectors.
