UAE-Singapore non-oil trade tops $2.86b

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Non-oil trade between the UAE and Singapore swelled to over $2.86 billion in 2011, a recent study by the Ministry of Foreign Trade in the UAE showed.

The small city state has become a primary trade partner of the UAE over the past years as it has climbed the ranks of numerous doing business metrics.

The top non-oil exports from the UAE to Singapore include aluminum, steel, polyethylene, raw diamonds and gold. Singapore’s top exports to the UAE include jewellery, aircraft and parts, food, as well as telecommunications and computer equipment.

In the period between 2008 and 2012, Singapore had the highest level of foreign trade contribution to GDP (around 400 per cent) in the world, according to a Trade Policy Review of the country conducted by the UAE, a report similarly to those produced by the World Trade Organisation.

The report revealed that Singapore’s prudent financial polices aimed at its banking sector branded the country as a notable destination for banking services in 2010, leading to a surplus of $2 billion, reported UAE-based dailyKhaleej Times.

The report also showed that non-oil trade to Singapore from the UAE amounted to $894 million, ranking the island nation the fifth destination for non-oil exports, while Singapore’s exports to the UAE were valued at $1.56 billion.

After the global economic crisis stifled Singapore’s over-exposed economy that lead to anemic growth, the government took action by enacting a number of fiscal policies, namely a $20 billion stimulus plan in 2009.

Singapore’s economy grew by 4.1 per cent in 2011, according to the World Bank. This year’s forecasts of international analysts from Goldman Sachs and Merrill Lynch are hovering around 1.9 to 3 per cent.

The GCC and Singapore have recently signed a GCC-Singapore Free Trade Agreement, This agreement is the first free trade agreement ever signed by the GCC and the second such agreement of Singapore has with the Middle East.

 

 

 

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Reading Time: 2 minutes

Non-oil trade between the UAE and Singapore swelled to over $2.86 billion in 2011, a recent study by the Ministry of Foreign Trade in the UAE showed.

Reading Time: 2 minutes

Non-oil trade between the UAE and Singapore swelled to over $2.86 billion in 2011, a recent study by the Ministry of Foreign Trade in the UAE showed.

The small city state has become a primary trade partner of the UAE over the past years as it has climbed the ranks of numerous doing business metrics.

The top non-oil exports from the UAE to Singapore include aluminum, steel, polyethylene, raw diamonds and gold. Singapore’s top exports to the UAE include jewellery, aircraft and parts, food, as well as telecommunications and computer equipment.

In the period between 2008 and 2012, Singapore had the highest level of foreign trade contribution to GDP (around 400 per cent) in the world, according to a Trade Policy Review of the country conducted by the UAE, a report similarly to those produced by the World Trade Organisation.

The report revealed that Singapore’s prudent financial polices aimed at its banking sector branded the country as a notable destination for banking services in 2010, leading to a surplus of $2 billion, reported UAE-based dailyKhaleej Times.

The report also showed that non-oil trade to Singapore from the UAE amounted to $894 million, ranking the island nation the fifth destination for non-oil exports, while Singapore’s exports to the UAE were valued at $1.56 billion.

After the global economic crisis stifled Singapore’s over-exposed economy that lead to anemic growth, the government took action by enacting a number of fiscal policies, namely a $20 billion stimulus plan in 2009.

Singapore’s economy grew by 4.1 per cent in 2011, according to the World Bank. This year’s forecasts of international analysts from Goldman Sachs and Merrill Lynch are hovering around 1.9 to 3 per cent.

The GCC and Singapore have recently signed a GCC-Singapore Free Trade Agreement, This agreement is the first free trade agreement ever signed by the GCC and the second such agreement of Singapore has with the Middle East.

 

 

 

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