The MOFT study revealed that the UAE ranked third in
exports and the second in imports in 2009, underscoring the continued success
of the foreign trade structure of the UAE, which has become a pivotal trade hub
between east and west.
The study also further confirms what was revealed in the
International Competitiveness Report regarding the UAE's success in developing
its international trade away from a reliance on oil into international
commodity trade as a result of its adoption of a systematic strategy for
constructing and developing the country's ports and airports and offering
various logistics services in accordance with the latest systems and practices.
The study, which was prepared by Abdel-Hamid Radwan, an
economic consultant with MOFT's Analysis and Trade Information Department,
pointed out to the important role being played by the Dubai Multi Commodities
Center through the numerous and diverse services that it offers to the gold
trade, such as financing, offering logistical services, insurance, and
initiatives for the development of the sector in the UAE.
These initiatives included the establishment of entities
that offered many incentives for leading companies trading in precious metals
to gather under one roof and thus encourage further exchanges.
The study also revealed that the value of UAE gold
imports (including platinum-coated, raw, semi-processed or powdered gold)
amounted to $14.5 Billion in 2009, registering a 10 percent increase from 2008.
In terms of volume, 547 tons were imported in 2009 in comparison with 524 tons
in 2008, registering a four percent increase. This increase in the trade of
gold in 2009 affirms the special status of the gold trade in the foreign trade
structure of the country.
