Abu Dhabi’s Non-Oil Trade Totaled $51.7 Billion

Industrial supplies topped the value of non-oil merchandise trade by economic categories in November 2021 in Abu Dhabi trade (WAM)
Industrial supplies topped the value of non-oil merchandise trade by economic categories in November 2021 in Abu Dhabi trade (WAM)
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Abu Dhabi’s Non-Oil Trade Totaled $51.7 Billion

Industrial supplies topped the value of non-oil merchandise trade by economic categories in November 2021 in Abu Dhabi trade (WAM)
Industrial supplies topped the value of non-oil merchandise trade by economic categories in November 2021 in Abu Dhabi trade (WAM)

The value of non-oil foreign trade passing through Abu Dhabi ports over 11 months in 2021 amounted to some AED190.20 billion (51.7 billion), an increase of 2.9 percent compared to the same period in 2020, which saw a total of AED184.93 billion (%50.3 billion).

This data revealed by a report, titled, "Non-Oil Foreign Merchandise Trade Through the Ports of Abu Dhabi", and published by the Statistics Centre-Abu Dhabi (SCAD).

Abu Dhabi’s non-oil trade was distributed between imports worth AED83.63 billion ($22.7 billion) and non-oil exports worth over AED71.17 billion ($19.3 billion), an increase of 5.4 percent compared to the same period last year, in addition to re-exports valued at nearly AED35.39 billion ($9.6 billion), an increase of 10 percent compared to 2020.

The value of foreign trade through Abu Dhabi’s ports in November 2021 amounted to over AED20.35 billion ($5.5 billion) compared to AED16.83 billion ($4.5 billion) during the same reporting period in 2020, divided between imports worth AED8.37 billion ($2.2 billion) or 41.1 percent of total trade, non-oil exports worth AED7.79 billion ($2.1 billion) or 38.3 percent of total trade, and re-exports worth AED4.18 billion ($1.1 billion) or 20.6 percent of total trade.

Saudi Arabia was Abu Dhabi’s leading non-oil merchandise trade partner in November 2021, when the value of their trade exchange was AED4.87 billion ($1.3 billion), followed by China with AED1.15 billion ($313 million), then the US with AED1.146 billion ($311 million).

The value of non-oil merchandise trade going through customs in November 2021 was distributed between seaports with AED7.21 billion ($1.9 billion), airports with some AED5.98 billion ($1.6 billion), and land ports with AED7.14 billion ($1.9 billion).

The value of non-oil merchandise trade in November 2021 was distributed between the economic categories of industrial supplies worth AED11.56 billion ($3.1 billion); production merchandise other than transportation equipment worth AED2.71 billion ($737 million); transport equipment, parts and accessories worth AED2.49 billion ($677 million); food and beverages worth AED1.51 billion ($411 million); consumer goods worth AED1.96 billion ($533 million); fuel and lubricants worth AED88.8 million($24.1 million), and other goods worth AED12.5 million ($3.4 million).



Oil Prices Held Down by Trump Tariff Uncertainty

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown)
TT

Oil Prices Held Down by Trump Tariff Uncertainty

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown)

Oil prices were little changed on Thursday, maintaining almost all of the previous session's losses on uncertainty over how US President Donald Trump's proposed tariffs and energy policies would affect global economic growth and energy demand.

Brent crude futures were up 18 cents at $79.18 a barrel by 1315 GMT. US West Texas Intermediate crude (WTI) rose 14 cents to $75.58.

"Oil markets have given back some recent gains due to mixed drivers," said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova.

"Key factors include expectations of increased US production under President Trump's pro-drilling policies and easing geopolitical stress in Gaza, lifting fears of further escalation in supply disruption from key producing regions."

The broader economic implications of US tariffs could further dampen global oil demand growth, she added, Reuters reported.

Trump has said he would add new tariffs to his sanctions threat against Russia if the country does not make a deal to end its war in Ukraine.

He also vowed to hit the European Union with tariffs and impose 25% tariffs against Canada and Mexico. On China, Trump said his administration was discussing a 10% punitive duty because fentanyl is being sent from there to the United States.

On Monday he declared a national energy emergency intended to provide him with the authority to reduce environmental restrictions on energy infrastructure and projects and ease permitting for new transmission and pipeline infrastructure.

There will be "more potential downward choppy movement in the oil market in the near term due to the Trump administration's lack of clarity on trade tariffs policy and impending higher oil supplies from the US", OANDA senior market analyst Kelvin Wong said in an email.

On the US oil inventory front, crude stocks rose by 958,000 barrels in the week ended Jan. 17, according to sources citing American Petroleum Institute figures on Wednesday.

Gasoline inventories rose by 3.23 million barrels and distillate stocks climbed by 1.88 million barrels, they said.