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Sharjah Foreign Trade Amounts to AED 63 Billion - A Growth Rate of 44.8% |
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Foreign trade in the emirate of Sharjah has recorded astounding revenues for 2008. Statistics show an achievement of AED 63 billion in 2008, compared to the AED 43.5 billion recorded in 2007, an increase of AED 19.5 billion, and a staggering growth rate of 44.8%. The Sharjah Economic Development Department’s statistical data also states an increase in the imports and re-export values. Imports value increased from AED 16.8 billion in 2005 to AED 18.9 billion in 2006, and again by 41.3% in 2007, reaching AED 26.7 billion. 2008 saw imports rise to AED 40.4 billion, a significant increase of 51.3% over 2007’s figures. The re-export industry, which includes transit, also showed significant growth, reaching AED 22.1 billion in 2008 compared to 2007’s AED 16.5 billion, a growth rate of 33.9%. In 2008, the commercial exchange size between Sharjah and GCC countries amounted to a total revenue of AED 8.5 billion, an improvement of 41.3% over 2007. This growth is attributed to Sharjah’s sound legislations, solid investment climate, significant geographical location, and strong decision-making abilities. These figures prove that the emirate is able to become an important and actual partner in achieving high commercial exchange standards that will not only reap big revenues, but will also cater to the mutual needs of all strategic partners in the region. The commercial exchange size between Sharjah and non-GCC Arab countries has also risen from AED 3.7 billion in 2007 to AED 5.4 billion in 2008, showing an increase of 45.9%. In addition, trade surplus between Sharjah and these countries rose from AED 2.7 billion in 2007 to AED 3.5 billion in 2008, an increase of 29.6%. The rise in trade surplus is due to the increase of the re-export industry from AED 2.9 billion in 2007 to AED 3.6 billion in 2008, while the transit industry has doubled in size during 2008, reaching more than AED 1 billion over its 2007 values. Data based upon foreign trade indicates that Sharjah’s imports has rapidly grown during the last three years, increasing from AED 18.9 billion in 2006 to AED 26.7 billion in 2007, and reaching an outstanding AED 40.4 billion, a growth rate of 51.3%, in 2008. This data also indicates that capital goods contributed heavily to the emirate’s total imports, with its effects being felt through the outstanding performance of the production and service sectors, and the high growth rates achieved by catering to the needs of these sectors in general, and the conversion industries in particular. Capital goods also helped achieve a high export growth rate while catering to the needs of the local market, and it constitutes a major part of the structural distribution of Sharjah’s revenues. In 2006, Sharjah’s imports amounted to AED 18.9 billion, of which AED 11.9 billion were capital goods (63% of total imports), while in 2007, total imports amounted to AED 26.7 billion, of which AED 17.6 billion were capital goods (65.9% of total imports). The growth of capital goods continued in 2008, achieving a growth rate of 59.1% and imports of AED 28 billion compared to 2007’s figures. In addition, capital goods contributed approximately 69.3% to 2008’s total imports. |
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