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Exports to UAE breaks $8bn mark for the first time
07
Aug '08
The year 2007 created records of sorts as exports to UAE exceeded the mark of US $8 billion for the first time, representing a growth of 33.1 percent to touch $8,052.66 million as against $6,050.10 million in 2006.

Reasons for this remarkable increase in exports have been attributed to a massive increase in demand for machinery and equipment in UAE. Nearly 96 percent of the exports from Japan to the region were classified as manufactured products.

Over the years, UAE has emerged to be one of the major trading partners of Japan with bilateral trade accounting for 3.04 percent of Japan's world trade. Machinery and equipment accounted for 75 percent of Japan's exports to UAE.

Moreover, world trade of Japan surged by 8.4 percent to $1,334 billion in 2007 with China becoming the largest trading partner. Bilateral value between these two countries touched $236.6 billion followed by US at the second position with $214.2 billion.

Textile exports to UAE have also been delivering exceptionally well for the past few years with an average growth of 15 percent annually. UAE has always remained the top export market for Japan for certain materials like woven fabrics made from polyester staple fibre, synthetic filament yarn and acrylic staple fibre.

However, growth was also recorded on the import front. Last year, Japan imported 3.9 percent less volume of crude oil from UAE which no doubt helped reducing the impact of rise in crude oil prices.

Nonetheless, total imports of the country from UAE grew by 2.24 percent to $32.3 billion, against 31.6 billion in 2006. Japan imported a total of 378.5 million barrels of crude oils from the UAE during the year 2007, against 393.7 million in 2006.

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