Abu Dhabi’s non-oil trade down 6.3% to 159.9 billion dirhams in 2017

Abu Dhabi’s non-oil trade data is gathered from the value of all merchandise that pass through the air, sea and land ports within its border. (Courtesy Abu Dhabi Ports)
Updated 19 February 2018
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Abu Dhabi’s non-oil trade down 6.3% to 159.9 billion dirhams in 2017

DUBAI: Abu Dhabi’s non-oil foreign merchandise trade fell 6.3 percent to 159.9 billion dirhams ($46.45 billion) last year from 170.6 billion dirhams a year earlier due to lower transactions for capital goods and transport equipment, data from the Statistics Centre-Abu Dhabi (SCAD) showed.
Total non-imports for the year slipped 1.9 percent to 115.514 billion dirhams from 117.807 billion dirhams, while non-oil exports dropped by 19.4 percent to 22.589 billion dirhams from 28.027. billion dirhams. Re-exports were also down for the year to 21.763 billion dirhams from 24.759 billion dirhams in 2016.
Meanwhile, in December 2017 alone, seasonal factors pushed aggregate non-oil trade to 13.214 billion dirhams, 3.4 percent higher compared with the same month of the previous year.
Imports rose 16.9 percent to 9.261 billion dirhams from 7.923 billion dirhams; non-oil shipments were down 1.769 billion dirhams from 1.788 billion dirhams while re-exports dropped 26 percent to 2.274 billion dirhams from 3.072 billion dirhams.
Inward shipments of industrial supplies, which comprised over a third of total imports in 2017, rose 5.5 percent to 43.788 billion dirhams from 41.486 billion dirhams a year earlier. Exports of the similar merchandise meanwhile were down 17.7 percent to 20.430 billion dirhams in 2017 from 24.837 billion dirhams previously. Re-exports plunged by almost 60 percent to 3.04 billion dirhams in 2017 from 7.246 billion dirhams in 2016.
Abu Dhabi’s major non-oil export partners last year were China with 7.572 billion dirhams in transactions; Saudi Arabia at 5.337 billion dirhams and the US with 2.824 billion dirhams. On the import side, the US shipped 16.934 billion dirhams worth of non-oil goods and merchandise to the emirate last year, 21.9 percent lower from 21.689 billion dirhams in 2016; followed by Saudi Arabia at 11.926 billion dirhams, up 6.6 percent from 11.192 billion dirhams and Japan at 10.208 billion dirhams, up 12.4 percent a year earlier.
Abu Dhabi’s non-oil trade data is gathered from the value of all merchandise that passes through the air, sea and land ports within its border, but excludes inter-emirate transactions.


US unveils new veto threat against WTO rulings

Updated 37 min 42 sec ago
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US unveils new veto threat against WTO rulings

  • US tells WTO appeals rulings in trade disputes could be vetoed if they took longer than the allowed 90 days
  • Trump, who has railed against the WTO judges in the past, threatens to levy a 20 percent import tax on European Union cars

GENEVA: The United States ramped up its challenge to the global trading system on Friday, telling the World Trade Organization that appeals rulings in trade disputes could be vetoed if they took longer than the allowed 90 days.
The statement by US Ambassador Dennis Shea threatened to erode a key element of trade enforcement at the 23-year-old WTO: binding dispute settlement, which is widely seen as a major bulwark against protectionism.
It came as US President Donald Trump, who has railed against the WTO judges in the past, threatened to levy a 20 percent import tax on European Union cars, the latest in an unprecedented campaign of threats and tariffs to punish US trading partners.
Shea told the WTO’s dispute settlement body that rulings by the WTO’s Appellate Body, effectively the supreme court of world trade, were invalid if they took too long. Rulings would no longer be governed by “reverse consensus,” whereby they are blocked only if all WTO members oppose them.
“The consequence of the Appellate Body choosing to breach (WTO dispute) rules and issue a report after the 90-day deadline would be that this report no longer qualifies as an Appellate Body report for purposes of the exceptional negative consensus adoption procedure,” Shea said, according to a copy of his remarks provided to Reuters.
An official who attended the meeting said other WTO members agreed that the Appellate Body should stick to the rules, but none supported Shea’s view that late rulings could be vetoed, and many expressed concern about his remarks.
Rulings are routinely late because, the WTO says, disputes are abundant and complex. Things have slowed further because Trump is blocking new judicial appointments, increasing the remaining judges’ already bulging workload.
At Friday’s meeting the United States maintained its opposition to the appointment of judges, effectively signalling a veto of one judge hoping for reappointment to the seven-seat bench in September.
Without him, the Appellate Body will only have three judges, the minimum required for every dispute, putting the system at severe risk of breakdown if any of the three judges cannot work on a case for legal or other reasons.
“Left unaddressed, these challenges can cripple, paralyze, or even extinguish the system,” chief judge Ujal Singh Bhatia said.
Sixty-six WTO member states are backing a petition that asks the United States to allow appointments to go ahead. On Friday, US ally Japan endorsed the petition for the first time, meaning that all the major users of the dispute system were united in opposition to Trump.