Abu Dhabi precious metals and gemstone trade tops Dhs5.42b

The value of Abu Dhabi trading in precious metals and gemstone increased to Dhs5.42 billion within the first quarter of the current year 2020 with a rate of 34.4 per cent compared to the same interval of 2019 estimated at Dhs4.03 billion according to Abu Dhabi General Administration of Customs.

Such increase in Abu Dhabi trading in precious metals and gemstone is backed by an increase in imports estimated at Dhs2.19 billion comparable to Dhs514.55 million in the same interval of 2019, the customs administration said in a statement on Monday.

Meanwhile, value of exports was estimated at Dhs3.10 billion and re-exporting estimated at Dhs131.08 million.

Abu Dhabi trading in precious metals and gemstone across emirate’s harbour, air and land ports reflects the soaring increase in economic activities witnessed by Abu Dhabi despite the current challenges the world is going through, the statement continued.

“Abu Dhabi General Administration of Customs cares for enhancing its efforts and performing its duties in serving the national economy and the society and facilitating trading movement throughout its customs centres,” it added.

Trading in precious metals gemstone represents one of the most important sectors supporting efforts for economic diversification and non-oil foreign trade promotion of Abu Dhabi.

The Emirate of Abu Dhabi turned out to be the main centre for such kind of trading which is expected to witness remarkable growth and more demands within the coming interval what establishes the leading position of the UAE on the map of precious metals trading.

Abu Dhabi’s non-oil trade increased by 10% year-on-year to around Dhs17.85 billion in March 2020, compared to Dhs16.23 billion in the same month of 2019.

The non-oil exports amounted to Dhs5.51 billion in March, up 14.4% from Dhs4.81 billion in the corresponding period of 2019.

Meanwhile, the imports jumped by 27.6% to around Dhs9.04 billion in March from Dhs7.09 billion in the year-ago period.

Last week, Abu Dhabi Ports has established a new feeder services company to meet growing trade demands within the Gulf region.

SAFEEN FEEDERS will introduce a new feeder service linking Abu Dhabi to ports serving the UAE, the wider Gulf region and the Indian subcontinent.

The service will be operated in partnership with Bengal Tiger Line (BTL) through a vessel sharing agreement.

The service will allow for an efficient exchange of container cargo between mainliner vessels and the vessels within the rotation calling at nine regional ports located across the UAE, Saudi Arabia, Bahrain, Pakistan, and western India.

Separtely, Abu Dhabi Exports Office (ADEX) and the Sharjah Chamber of Commerce and Industry (SCCI) enter partnership on a strategic initiative to help boost exports from one of the leading manufacturing hubs in the region that provides a significant contribution to the UAE’s GDP.

ADEX, the UAE-wide export financing entity founded by Abu Dhabi Fund for Development (ADFD), and SCCI, represented by the Sharjah Exports Development Centre (SEDC), signed a memorandum of understanding today (MoU) to partner together to support marketing and promotion of the emirate as a strategic international trade partner while empowering SCCI members to explore new international export markets and business growth opportunities by tapping into the unique suite of financial products and services provided by ADEX.

Abu Dhabi Customs revealed recently that the Abu Dhabi external foodstuff trade amounted to over Dhs4.663 billion during the first quarter of the current year 2020, while the overall weight of the Emirate’s foodstuff trade in the same period reached more than 1.18 million tonnes through 41,430 transactions.

Abu Dhabi’s foreign trade distributed from foodstuff to imports at a value of over Dhs2.48 billion, exports of Dhs1.731 billion and re-exports of more than Dhs882 million.

It furhter stated that it is keen to strengthen its ongoing efforts to facilitate the smooth movement of foodstuff trade through its customs centres and to support the Country’s efforts to achieve foodstuff security, especially in the current exceptional circumstances the world is going through.

“The inspectors of the General Administration of Abu Dhabi Customs are working on providing the best customs services to food dealers in line with the country’s efforts to provide food and medicine indefinitely according to the guidelines of the rational leadership, which will meet all the needs of citizens and residents of foodstuff and consumer goods,” it said in a statement.

Agencies