01 February 2019

Gulf Industry Magazine helps you catch up with the numbers behind economic and industrial developments in the region.


UAE’s non-oil foreign trade hits $326.7bn

UAE’s non-oil foreign trade reached Dh1.2 trillion ($326.71 billion) during the first nine months of 2018, even as re-exports achieved a remarkable 5 per cent growth, said a report.

The figures reveal the competitive advantage of the re-export activity in UAE, and its global standing in this field, according to preliminary statistical data of the Federal Customs Authority (FCA). The authority pointed out that the non-oil direct foreign trade accounted for 62 per cent of total non-oil foreign trade amounting to Dh726.4 billion ($197.7 billion), while non-oil foreign trade of the state`s free zones accounted for 37 per cent of the total value of Dh439.2 billion ($119.5 billion), followed by customs warehouses with 2 per cent equivalent to Dh8.4 billion ($2.28 billion), reported Emirates news agency Wam.

The authority stated that the value of non-oil imports amounted to Dh697.2 billion ($189.82 billion), noting that the imports of native and semi-proceed gold came at the forefront with Dh83.4 billion ($22.71 billion) equivalent to 12 per cent of the total value of state›s imports during the said period. The value of UAE exports reached Dh134.7 billion ($36.67 billion), where gold exports was at the forefront with a value of Dh30.2 billion ($8.22 billion), representing 22 per cent of the total UAE exports during that period, followed by raw aluminium at Dh13 billion ($3.54 billion) value (10 per cent), followed by cigarettes at Dh8.6 billion ($2.34 billion) (6.4 percent), gold ornaments and jewellery Dh8 billion ($2.18 billion) value (6 per cent), and ethylene polymers with all its forms (6.2 per cent) with a 5 per cent of the total exports value.


Bahrain’s value of exports up 8pc in Q4

THE value of the exported national origin products from Bahrain increased 8 per cent during the fourth quarter of 2018, reaching BD567 million ($1.503 billion), compared to BD525 million ($1.392 billion) for the same quarter of the previous year.

The top 10 countries account for 81 per cent of the exported national origin value and 19 per cent for other countries, said the foreign trade report by Information & eGovernment Authority (iGA) for Q4 of 2018, which encompasses balance of trade, imports, exports (national origin) and re-exports..

Saudi Arabia topped the countries importing from Bahrain with BD113 million ($299.7 million), UAE came second with BD71 million ($188.3 million) and Egypt placed third place with BD69 million ($183.01 million).

As for national export products, agglomerated iron ores and concentrates emerged as the top products exported in fourth quarter of 2018 with BD121 million ($320.9 million); aluminium wires were positioned second products exported with a value of BD59 million ($156.4 million); and unwrought aluminium alloys stood third place for exported products with BD52 million ($137.9 million). Bahrain’s value of imports increased by 9 per cent as it reached BD1.462 billion ($3.88 billion) during the quarter versus BD1.344 billion ($3.56 billion) for the same quarter of the previous year. Top 10 countries accounted for 66 per cent of the imports value and others accounted for 34 per cent, said the report.

According to the report, China ranked top in exports to Bahrain with BD193 million ($511.9 million), US came second with BD142 million ($376.6 million), whereas the UAE ranked third with BD113 million ($299.7 million).

Non-agglomerated iron ores and concentrates emerged as the top product imported to Bahrain with BD110 million ($291.7 million), while the aluminium oxide ranked second with BD106 million ($281.1 million). Floating or submersible drilling platforms came third with BD54 million ($143.2 million).

Meanwhile, the value of re-exports increased by 17 per cent as it reached BD165 million ($437.64 million) during fourth quarter of 2018 versus BD141 million ($373.9 million) for the same quarter of the previous year. The top 10 countries account for 90 per cent of the re-exported value and 10 per cent for other countries.

Saudi Arabia is ranked first in re-export from Bahrain with BD55 million ($145.8 million), UAE ranked second with BD24 million ($63.6 million), and China came third with BD22 million ($58.3 million).


Powder coatings market to top $16.5bn

THE powder coatings market is forecast to exceed revenue of $16.5 billion by 2024 with a projected compound annual growth rate (CAGR) of 6 per cent over 2018 to 2024, according to a report by Global Market Insights. Strong business outlook with versatile applications including architectural, agricultural/construction equipment, decorative, A&T components, and outdoor furniture are among the key factors propelling the powder coating market share, said the report.


ME air freight volumes up 1.7pc in November

MIDDLE EASTERN airlines’ freight volumes expanded 1.7 per cent in November 2018 compared to the same period a year earlier, said the International Air Transport Association (Iata) in its report for global air freight markets. Capacity increased by 7.8 per cent over the same period. Seasonally-adjusted international air cargo demand has now trended upwards for the past six months helped by stronger trade to/from Europe and Asia. African carriers saw freight demand decrease by 7.8 per cent in November 2018, compared to the same month in 2017. This was the eighth time in nine months that demand contracted. Capacity shrank 7.4 per cent year-on-year. Demand conditions on all key markets to and from Africa remain weak. Seasonally-adjusted international freight volumes are 7 per cent lower than their peak in mid-2017, nonetheless, they are still 28 per cent higher than their most recent trough in late-2015. 


Dubai non-oil sector growth slows

DUBAI’S non-oil private sector growth eased in December, a report said, noting that although total activity continued to rise at a strong overall pace, new business increased at the second-slowest rate in over two years. While employment remained broadly unchanged, inflationary pressures stayed weak as input costs rose modestly and firms continued to cut their charges, according to the Dubai Economy Tracker Report from Emirates NBD. The seasonally adjusted Emirates NBD Dubai Economy Tracker Index fell from November’s 55.3 to 53.7 in December. This was the second-lowest reading in over two years and below the historic average (since 2010) of 55.2, signalling relatively muted non-oil growth. Moreover, the average for the fourth quarter of 2018 (53.8) was the lowest of any quarter since Q1 2016.


Abu Dhabi’s iron, copper trade hits $5.6bn

THE value of iron and copper trade in Abu Dhabi has increased to Dh20.5 billion ($5.6 billion) during the first nine months of 2018, a growth of 26 per cent, compared to Dh16.3 billion during the same period of 2017, a media report said.

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