UAE Trade Trends (2018) PDF

KEYNOTES SUBJECT: MORAL EDUCATION GRADE 9 Book: 3, Unit 9- Lesson 6 Trends in Local and International Trade Trade, both local and international is a fundamental part of the UAE's economy. The country's commerce and products c...

KEYNOTES SUBJECT: MORAL EDUCATION GRADE 9 Book: 3, Unit 9- Lesson 6 Trends in Local and International Trade Trade, both local and international is a fundamental part of the UAE's economy. The country's commerce and products connect with the rest of the world through major ports and free trade zones established throughout the seven emirates. Shipping ports and airports are found at Ras Al Khaimah, Fujairah, Sharjah, Dubai, Jebel Ali, Abu Dhabi and other locations. The UAE's trade sector is both innovative and historic. Commodities are natural resources and raw agricultural products such as iron, oil, cotton or wheat. Manufactured products, including industrial and electronic products, are valuable and sold and traded in large quantities. Professional services, international banks, and multinational corporations diversify the economy while tourism and hotels are part of the hospitality industry. All of these sectors of the economy benefit from the travel and movement of people and goods. While the UAE does have an abundance of natural resources such as oil, natural gas and other products, its longstanding history as a regional trading hub is still important and equally relevant. Our major seaports and airports here in the UAE make up an important regional export hub and have become the third largest export centre in the world, following Hong Kong and Singapore. When compared to other GCC states, the UAE has landed in first place with an abundance of precious metals, electrical equipment, and supplies traded daily. UAE Imports and Exports The UAE's main exports are crude oil, natural gas, refined petroleum products, precious gems, seafood and agricultural products, and re-exports. Re-exports are products imported into the UAE that are stored temporarily in warehouses. The products arrive from Asia or other points of origin and after storage are re-shipped to other countries such as Africa or to other destinations in the Middle East or other parts of the world. Some of these products include aluminium, pearls, gold, silver, precious stones, chemicals, and scrap metals. Japan, India, South Korea, and Thailand are the top export partners of the UAE. As of 2018, the United Arab Emirates ranked 28th in the world in terms of Gross Domestic Product (GDP). It ranked 21st in the economy in terms of GDP per capita. It also ranked 26th in the world for the value of total exports, and 21st in the value of its total imports. The top exports of the United Arab Emirates are crude petroleum ($58.1b), refined petroleum ($32.3b), gold ($15.4b), jewellery ($12.2b), and diamonds ($10.2b), exporting mostly to India ($23.8B), Japan ($21.7B), China($17.4B), Saudi Arabia ($17.2B), and Oman ($11.7B). In 2018, United Arab Emirates was the world's biggest exporter of Sulphur ($728m), gravel and crushed stone ($422m), and limestone ($366m). The top imports of United Arab Emirates are gold ($27.3b), broadcasting equipment ($15.5b), jewellery ($13.4b), refined petroleum ($12.8b), and cars ($11.3b), importing mostly from China ($32.1B), India ($27.1B), United States ($17.3B), United Kingdom ($9.69B), and Germany ($9.68B).