Saudi Arabia has topped Abu Dhabi’s trade partners for the first time during the five-month period ended 31 May 2019, according to a recent report by the Statistics Centre – Abu Dhabi (SCAD).
The emirate’s non-oil trade with Saudi Arabia jumped to AED 23.5 billion during the first five months of 2019, Al Bayan newspaper reported, citing the SCAD.
The non-oil exports to the kingdom valued at AED 11.4 billion during the January-May period of the year, while the re-exports valued at AED 6.7 billion and the non-oil re-exports valued at AED 5.3 billion, the report highlighted.
Saudi Arabia’s trade exchange with Abu Dhabi accounted for 26.5% of the emirate’s total trade with the world of AED 88.6 billion, the report said.
Abu Dhabi’s non-oil trade exchange amounted to AED 88.6 billion during the first five months of 2019, down 4.4% from AED 92.7 billion in the corresponding period of 2018, the report highlighted.
Imports fell by 10.8% during the five-month period to AED 42.1 billion, versus AED 47.2 billion in the year-ago period.
Additionally, exports declined by 3.4% year-on-year at the end of May 2019, while re-exports rose by 9.4% as compared to the first five months of 2018.
In May, Saudi Arabia has topped Abu Dhabi’s trade partners with a trade exchange of AED 5.1 billion, including exports, re-exports, and imports worth AED 2.5 billion, AED 1.5 billion, and AED 1.1 billion, respectively.
The US came was the second top trade partner with the emirate in May with total trade of AED 1 billion, including AED 314 million of exports and AED 740 million of imports.
Kuwait came in the third spot with a total trade of AED 1.02 billion, including exports and re-exports worth AED 421 million and AED 563 million, respectively.
Furthermore, Australia was ranked the fourth among Abu Dhabi’s top trade partners last May with a total trade exchange of AED 974 million, the report added.
Meanwhile, China was the fifth among Abu Dhabi’s top trade partners with total trade valuing at AED 746 million, including exports and re-exports worth AED 225 million and AED 130 million, respectively.
The report also highlighted the remarkable increase in trade exchange between Abu Dhabi and Bahrain as the emirate’s exports to the kingdom valued at AED 214 million and the re-exports valued at AED 130 million.
Moreover, the emirate’s exports to Yemen stood at AED 120 million in May, while imports reached AED 727 million and AED 463 million with Japan and the Democratic Republic of the Congo, respectively.
The value of Abu Dhabi’s total non-oil trade exchange dropped by 18.8% in May 2019 as exports, imports, re-exports fell by 21.8%, 19.7%, and 13.2%, respectively.