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UAE/GCC exports to EU market post significant growth

posted on 09/08/2006: 1791 views


Non-oil exports and re-exports from Gulf Cooperation Council's (GCC's) member states have shown remarkable growth in recent years with the European Union 15 countries (EU15) being a major destination of these exports.



According to data published by EUROSTAT, Statistical Office of the European Communities, the UAE exports to EU15 stood at US$4.3 billion in 2003, representing only 0.4% of the latter total imports from the world.



Although figures show the insignificance of the UAE exports from the EU15 perspective, these exports are valuable to the UAE as they recorded considerable growth between 1999 and 2003, reported Dubai Chamber of Commerce and Industry (DCCI) Economic Bulletin in its August issue.



The UAE exports' value to EU15 increased by almost double since 1999 with a compound annual growth rate (CAGR) of 15.6%. In 2003, the UAE exports to EU15 have grown by around 34%.



As regards to GCC countries (excluding UAE), their exports to EU15 was approximately US$18 billion in 2003, which represents 1.6% of EU15 total imports from the world. These exports value had grown by around 54% compared to 1999 with CAGR of 9%.Thus, the UAE exports performance exceeds significantly that of other GCC countries, in terms of growth rate, according the to the DCCI.



The UAE/GCC exports high performance observed is mainly driven by exports of certain product categories.



On the one hand, 5 major product categories were responsible for the high performance of the UAE exports to EU15. Exports of organic chemicals have the highest average performance score among the UAE exports to EU15 between 1999 and 2003. In the second place came electrical and electronic equipments and parts followed by pearls, precious/semi-precious stones and metals.



In the fourth and fifth places are ships, boats & floating structures, and railway or tramway locomotives & parts. The newsletter indicated that the UAE had higher export average performance scores in comparison to other GCC countries, implying expansions of its non-oil export products' shares in the import markets of EU15. Although the same could be claimed for other GCC countries, it added, the performance scores were not as high as those of the UAE. (Emirates News Agency, WAM)

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