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169965
Tue, 03/22/2011 - 12:12
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https://oananews.org//node/169965
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MoFT releases study on UAE-Ecuador trade relations
Abu Dhabi, March 22, 2010 (WAM) - Total non-oil trade between the United Arab Emirates (UAE) and Ecuador grew by 28 per cent to reach around US$7 million during the first ten months of 2010, outperforming the same period of the previous year 2009, a new study of Ministry of Foreign Trade (MoFT) revealed.
The study was released by MoFT's Analysis and Trade Information Department ahead of a visit by a governmental Ecuadorian delegation to the UAE. The study aims to update UAE exporters and help them explore markets for national products.
According to the study, UAE non-oil exports to Ecuador grew by 150 per cent to reach US$3.5 million while the value of UAE re-exported goods declined by 35 per cent to US$1.5 million. The UAE imports went up 12 per cent to reach US$1.9 million.
The study says the figures indicate significant growth in the bilateral relations between the UAE and Ecuador, thanks to the implementation of the UAE's strategic plan to boost economic openness, free market, economic diversification as well as to increase the contribution of non-oil sectors to its gross domestic product (GDP).
Five exported products accounted for 98 per cent of the UAE's total non-oil exports to Ecuador. Of these, retailed mixed and unmixed medications for use preventive medicine accounted for 69 per cent of the UAE's total non-oil exports with a total value of US$ 2.4 million and grew by 232 per cent compared with the first ten months of 2009. These are followed by fillings, gauze, bandages for use in surgery, medicine, dentistry and veterinary medicine (12.3 per cent ) and floated glass, polished double-sided and single-sided glass sheets (7.7 per cent ).
Five goods topped the UAE re-exports to Ecuador accounting for 88 per cent of the total re-exports. These are topped by plates, sheets, film, foil and strip of plastics, non-cellular, reinforced or non-reinforced. This group was not listed within re-exports during of 2009. Non-woven textile filters (sacks and other filtering products) followed in second place with 10 per cent and a growth rate of 244 per cent .
The value of retailed mixed and unmixed medications for use in preventive medicine declined by 96 per cent during the two periods.
For UAE imports from Ecuador, five goods accounted for 90 per cent of the total value. These are topped by fresh and dried banana with 27.4 per cent , a six-fold growth compared with the same period in 2009, followed by sugar products not containing cocoa with 23 per cent of the total imports and a growth rate of 14 per cent . Imports such as wood sawn, cut or surfaced, whether or not planed or polished declined by 65 per cent over the same period. Other imports such as green or dried buds, flowers and ornamental foliage declined by 10 per cent .
The study also noted that the UAE-Ecuadorian relations received a boost with the visit of the Ecuadorian Vice-President in March 2010 and the visit of the UAE Foreign Minister Sheikh Abdullah Bin Zayed Al-Nahyan to Ecuador in October 2010. The Ecuadorian Minister of Foreign Affairs and Trade Ricardo Patino is on a current visit to the UAE.
The study also noted that economic growth of Ecuador picked up in 2010 with GDP (purchasing power parity) reaching to around US$115 billion (a 3.7 per cent growth rate.), thanks to the economic reforms launched by the government in 2009.
According to the study, Ecuador's GDP composition by sector came as follows: agriculture: 6 per cent , industry: 36 per cent , services: 58 per cent (2010 est.), ranking 65th among the world's economies.
In 2009, Ecuador's trade exchange with the world declined by 23 per cent to US$ 29 billion, compared with the previous year 2008, with exports accounting for 48 per cent of the total.
Ecuador's major exports include petroleum, bananas, cut flowers, shrimp, cocoa, wood and fish. - Emirates News Agency, WAM
The study was released by MoFT's Analysis and Trade Information Department ahead of a visit by a governmental Ecuadorian delegation to the UAE. The study aims to update UAE exporters and help them explore markets for national products.
According to the study, UAE non-oil exports to Ecuador grew by 150 per cent to reach US$3.5 million while the value of UAE re-exported goods declined by 35 per cent to US$1.5 million. The UAE imports went up 12 per cent to reach US$1.9 million.
The study says the figures indicate significant growth in the bilateral relations between the UAE and Ecuador, thanks to the implementation of the UAE's strategic plan to boost economic openness, free market, economic diversification as well as to increase the contribution of non-oil sectors to its gross domestic product (GDP).
Five exported products accounted for 98 per cent of the UAE's total non-oil exports to Ecuador. Of these, retailed mixed and unmixed medications for use preventive medicine accounted for 69 per cent of the UAE's total non-oil exports with a total value of US$ 2.4 million and grew by 232 per cent compared with the first ten months of 2009. These are followed by fillings, gauze, bandages for use in surgery, medicine, dentistry and veterinary medicine (12.3 per cent ) and floated glass, polished double-sided and single-sided glass sheets (7.7 per cent ).
Five goods topped the UAE re-exports to Ecuador accounting for 88 per cent of the total re-exports. These are topped by plates, sheets, film, foil and strip of plastics, non-cellular, reinforced or non-reinforced. This group was not listed within re-exports during of 2009. Non-woven textile filters (sacks and other filtering products) followed in second place with 10 per cent and a growth rate of 244 per cent .
The value of retailed mixed and unmixed medications for use in preventive medicine declined by 96 per cent during the two periods.
For UAE imports from Ecuador, five goods accounted for 90 per cent of the total value. These are topped by fresh and dried banana with 27.4 per cent , a six-fold growth compared with the same period in 2009, followed by sugar products not containing cocoa with 23 per cent of the total imports and a growth rate of 14 per cent . Imports such as wood sawn, cut or surfaced, whether or not planed or polished declined by 65 per cent over the same period. Other imports such as green or dried buds, flowers and ornamental foliage declined by 10 per cent .
The study also noted that the UAE-Ecuadorian relations received a boost with the visit of the Ecuadorian Vice-President in March 2010 and the visit of the UAE Foreign Minister Sheikh Abdullah Bin Zayed Al-Nahyan to Ecuador in October 2010. The Ecuadorian Minister of Foreign Affairs and Trade Ricardo Patino is on a current visit to the UAE.
The study also noted that economic growth of Ecuador picked up in 2010 with GDP (purchasing power parity) reaching to around US$115 billion (a 3.7 per cent growth rate.), thanks to the economic reforms launched by the government in 2009.
According to the study, Ecuador's GDP composition by sector came as follows: agriculture: 6 per cent , industry: 36 per cent , services: 58 per cent (2010 est.), ranking 65th among the world's economies.
In 2009, Ecuador's trade exchange with the world declined by 23 per cent to US$ 29 billion, compared with the previous year 2008, with exports accounting for 48 per cent of the total.
Ecuador's major exports include petroleum, bananas, cut flowers, shrimp, cocoa, wood and fish. - Emirates News Agency, WAM
