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150689
Mon, 11/22/2010 - 15:05
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UAE-India's non-oil trade exchange grew by 57% to US$0.4 billion in H1: MoFT study
Abu Dhabi, Nov 22, 2010 (WAM)- The United Arab Emirates (UAE) is India's largest trading partner in term of India's total trade exchange in the first half of this current year 2010, according to a new study released by the Analysis and Trade Information Department at the Ministry of Foreign Trade (MoFT) on the occasion of the current state visit by President of India Mrs. Pratibha Devisingh Patilto to the United Arab Emirates.
Non-oil trade exchange between the UAE and India grew by 57%, compared to the same period in 2009, to reach US$20.4 billion in the first half of 2010, according to the study which also provided data on investments, trade agreements and venues of economic cooperation between the two countries.
MoFT's survey revealed a positive shift from a deficit during the first quarter of 2009 worth around US$2.9 billion to a surplus, in the favour of the UAE, during the first half of 2010 worth US$571 million.
The figures show the UAE's trade deficit with India shrinking by 120% as UAE's total non-oil exports to the sub-continent grew by 75% to reach US$4 billion in the first half of 2010, up from US$2.3 billion and UAE's re-exports grew by 136% to reach 6.5%, up from 2.8 over the same period.
MoFT's study expected the value of trade exchange between both countries to grow from US 29.4 billion (Dh108 billion) in 2009 to reach US$32.7 billion in 2010.
The study was prepared by researcher Yousef Diab and was supervised by Dr Mattar Ahmed, head of the Analysis and Trade Information Department at MoFT.
The value of Indian investments in the UAE reached US$ 2.5 billion in 2007 accounting for 7% of total foreign direct investment (FDI) in the UAE.
MoFt surveys of UAE's overseas investments show that UAE companies invested up to US$1.5 over last year 2009 and accounted for 1.4% of the total FDI inflows into India. Accordingly, the UAE ranks as the largest Arab country and the 10th globally, in terms of the total FDI inflows into India.
The study stressed that the figures reflect the strength of existing bilateral ties between the UAE and India and also the strength of the UAE's economy and the progress it is has been making as a direct outcome of the implementation of the national policy and strategy which mandate increasing economic openness, establishing a free market policy, a diversified economy as well as increasing the UAE's non-oil exports in order to increase their contribution to the GDP.
UAE's non-oil exports to India: UAE's non-oil exports to India grew by 75% to reach US$ 4 billion in the first half of 2010, compared by the first half of the previous year.
Gold in unwrought, semi-wrought or powder forms, topped the list of UAE's exports to India goods, with a value of US$ 3.5 billion (86.5% of the total non-oil exports) as it grew by 77.7%, compared to the first half of 2009.
Gold was followed by sugar cane or sugar beet (beet) and chemically pure sucrose in solid form, worth US$ 97 million, posting a growth by 2325%, then iron waste and scrap worth US$ 89 million.
Re-exports to India: India is the UAE's largest trade partners in terms of re-exports which, compared by the first half of 2009, grew by 136% to reach US$6.5 billion in the first half of 2010.
On the top of the list of re-exports came diamond, including wrought - but not mounted or set- with a value of US$ 5.9 billion or 90.8% of the total re-exports to India , then gold, in unwrought, semi-wrought or powder forms, with US$ 191 million, followed by silver, US$51 million.
Re-exported jewellery and parts thereof, of precious metal or ordinary metals clad with precious metals shrank by 22%.
Imports: The UAE is the largest recipient of Indian imports which grew by 24.4% to reach US$ 9.9 billion in the first half of 2010, compared with the same period in 2009.
Diamond, including wrought - but not mounted or set- with a value of US$ 5.1 billion or 51.4% of the total imports, followed by gold, in unwrought, semi-wrought or powder forms, with US$ 1.6 billion as its share of the total imports decreased by 36%. Rice imports also decreased by 3% over the same period.
Indian Investments: The UAE has been ranked 11th most popular Foreign Direct Investment (FDI) destination in the world in 2010, according to Confidence Index made public recently by the global management consulting firm Kearney Foreign Direct Investment. Indian investments in the UAE have grown to US$ 2.5 billion to account for 7% of the total FDI inflows into the UAE in 2007. The UAE's construction industry took the biggest share of Indian investments with US$1.5 billion.
UAE Investments: A survey conducted by MoFT on UAE's overseas investments shows that UAE companies invested up to US$ 1.5 over last year 2009 and accounted for 1.4% of the total FDI inflows into India. Accordingly, the UAE ranks as the largest Arab country and the 11th globally, in terms of the total FDI inflows into India.
It also said that the value of UAE investments in India, in light of the continuous and fast-paced progress of economic and commercial ties between India and the UAE, will reach US$ 1.9 (Dh6.9 billion) by the year 2011.
The UAE investments in five major sectors of the Indian economy accounted for 48.6% of the UAE's total FDI in India, with energy sector accounting for 19.1% (US$263.7 million), followed by the services sector at 9.3% (US$143 million), software products and construction at 7.8% (US$115 million) and 6.8% (US$99.2 million) respectively, while tourism and hotels came in 5th place at Dh5.6 (US$84 million). – Emirates News Agency, WAM
Non-oil trade exchange between the UAE and India grew by 57%, compared to the same period in 2009, to reach US$20.4 billion in the first half of 2010, according to the study which also provided data on investments, trade agreements and venues of economic cooperation between the two countries.
MoFT's survey revealed a positive shift from a deficit during the first quarter of 2009 worth around US$2.9 billion to a surplus, in the favour of the UAE, during the first half of 2010 worth US$571 million.
The figures show the UAE's trade deficit with India shrinking by 120% as UAE's total non-oil exports to the sub-continent grew by 75% to reach US$4 billion in the first half of 2010, up from US$2.3 billion and UAE's re-exports grew by 136% to reach 6.5%, up from 2.8 over the same period.
MoFT's study expected the value of trade exchange between both countries to grow from US 29.4 billion (Dh108 billion) in 2009 to reach US$32.7 billion in 2010.
The study was prepared by researcher Yousef Diab and was supervised by Dr Mattar Ahmed, head of the Analysis and Trade Information Department at MoFT.
The value of Indian investments in the UAE reached US$ 2.5 billion in 2007 accounting for 7% of total foreign direct investment (FDI) in the UAE.
MoFt surveys of UAE's overseas investments show that UAE companies invested up to US$1.5 over last year 2009 and accounted for 1.4% of the total FDI inflows into India. Accordingly, the UAE ranks as the largest Arab country and the 10th globally, in terms of the total FDI inflows into India.
The study stressed that the figures reflect the strength of existing bilateral ties between the UAE and India and also the strength of the UAE's economy and the progress it is has been making as a direct outcome of the implementation of the national policy and strategy which mandate increasing economic openness, establishing a free market policy, a diversified economy as well as increasing the UAE's non-oil exports in order to increase their contribution to the GDP.
UAE's non-oil exports to India: UAE's non-oil exports to India grew by 75% to reach US$ 4 billion in the first half of 2010, compared by the first half of the previous year.
Gold in unwrought, semi-wrought or powder forms, topped the list of UAE's exports to India goods, with a value of US$ 3.5 billion (86.5% of the total non-oil exports) as it grew by 77.7%, compared to the first half of 2009.
Gold was followed by sugar cane or sugar beet (beet) and chemically pure sucrose in solid form, worth US$ 97 million, posting a growth by 2325%, then iron waste and scrap worth US$ 89 million.
Re-exports to India: India is the UAE's largest trade partners in terms of re-exports which, compared by the first half of 2009, grew by 136% to reach US$6.5 billion in the first half of 2010.
On the top of the list of re-exports came diamond, including wrought - but not mounted or set- with a value of US$ 5.9 billion or 90.8% of the total re-exports to India , then gold, in unwrought, semi-wrought or powder forms, with US$ 191 million, followed by silver, US$51 million.
Re-exported jewellery and parts thereof, of precious metal or ordinary metals clad with precious metals shrank by 22%.
Imports: The UAE is the largest recipient of Indian imports which grew by 24.4% to reach US$ 9.9 billion in the first half of 2010, compared with the same period in 2009.
Diamond, including wrought - but not mounted or set- with a value of US$ 5.1 billion or 51.4% of the total imports, followed by gold, in unwrought, semi-wrought or powder forms, with US$ 1.6 billion as its share of the total imports decreased by 36%. Rice imports also decreased by 3% over the same period.
Indian Investments: The UAE has been ranked 11th most popular Foreign Direct Investment (FDI) destination in the world in 2010, according to Confidence Index made public recently by the global management consulting firm Kearney Foreign Direct Investment. Indian investments in the UAE have grown to US$ 2.5 billion to account for 7% of the total FDI inflows into the UAE in 2007. The UAE's construction industry took the biggest share of Indian investments with US$1.5 billion.
UAE Investments: A survey conducted by MoFT on UAE's overseas investments shows that UAE companies invested up to US$ 1.5 over last year 2009 and accounted for 1.4% of the total FDI inflows into India. Accordingly, the UAE ranks as the largest Arab country and the 11th globally, in terms of the total FDI inflows into India.
It also said that the value of UAE investments in India, in light of the continuous and fast-paced progress of economic and commercial ties between India and the UAE, will reach US$ 1.9 (Dh6.9 billion) by the year 2011.
The UAE investments in five major sectors of the Indian economy accounted for 48.6% of the UAE's total FDI in India, with energy sector accounting for 19.1% (US$263.7 million), followed by the services sector at 9.3% (US$143 million), software products and construction at 7.8% (US$115 million) and 6.8% (US$99.2 million) respectively, while tourism and hotels came in 5th place at Dh5.6 (US$84 million). – Emirates News Agency, WAM
