31/05/2011 00:00 AST
Non-oil trade exchange between the UAE and Turkey has seen significant growth over the past few years from $2.074 billion in 2006 to $7.999 billion in 2008, according to a new study released by the Ministry of Foreign Trade, or MoFT.
The volume of trade exchange between the two countries retreated to $2.847 billion in 2008 and again to $2.782 billion in 2010, the MoFT’s analytical study showed.
The study, conducted by researcher Ahmed Al Ananbeh of the MoFT’s Department of Analysis and Trade Information, explored prospects and opportunities for better future trade cooperation between the UAE and Turkey in light of their growing bilateral relations.
UAE non-oil exports to Turkey also saw steady and significant growth from $51 million in 2006 to $251 million in 2008 to decrease to $186 million in 2009 and again to as low as $160 million in 2010.
The study shows that the UAE’s re-exports to Turkey increased more than twofold from $131 million in 2006 to $274 million in 2008 to experience a drop to $113 million in 2009 and then pick up to $143 in 2010.
UAE imports from Turkey, over the same period, saw steady growth from $2.892 billion in 2006 to $7.473 billion in 2008 but it suffered a significant drop to $2.549 billion in 2009 then again to $2.480 billion in the following year 2010.
According to the study, Turkey ranked 17th in the in the geographical structure of the UAE’s non-oil foreign trade overall in 2010. Turkey also was ranked 20th among the top destinations of UAE’s exports and 40th among the top destinations of UAE’s re-exports.
Figures revealed in the new MoFT’s study also shows that Turkey is the 17th largest exporter to the UAE and that UAE’s trade exchange with Turkey accounted for 1.4 per cent of the UAE’s total non-oil trade with the world in 2010.The UAE which was the top destination of Turkey’s imports among Arab countries in 2007 and 2008 lagged behind Iraq in 2009 and 2010; and ranked fourth among Arab top exporters to Turkey after Algeria, Saudi Arabia and Iraq.
Commodities
Despite declining by 18.8 per cent, gold, including gold-plated with platinum) in unwrought, semi-wrought or powder forms, topped the list of the UAE’s four major exports to Turkey which totaled $153 million during 2010 and remained as the UAE’s top export to Turkey whose total gold imports amounted to $2.5 last year.
Ten major commodities accounted for 74 per cent of UAE’s total re-exports to Turkey in 2010, and these include jewellery and parts thereof, diamond, perfumes, machines, and parts and accessories of vehicles.
Other ten commodities accounted for 72 per cent of the UAE’s total imports from Turkey in 2010. These are topped by steel and iron products, jewellery, gold, automobiles and others.
Targeted products
The study shows that Turkey’s markets can receive larger quantities of certain commodities and products from the UAE. These include gold, jewellery and products thereof, shipbuilding, iron and steel, copper products, sugar and chocolate.
Khaleej Times
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