Gold tops UAE’s non-oil trade during first half of 2020

  • Date: 15-Nov-2020
  • Source: Arabian Business
  • Sector:Oil & Gas
  • Country:UAE
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Gold tops UAE’s non-oil trade during first half of 2020

China emerged as the largest trading partner over the first six months of the year followed by Saudi Arabia

Non-oil trade in the United Arab Emirates amounted to about AED658.3 billion ($179.2bn) during the first half of 2020, the state-owned news agency WAM has reported, citing the Federal Competitiveness and Statistics Centre.

Despite the slowdown in commercial activities across the world, as a result of border closures, lockdowns, curfews and various other restrictions, the country's non-oil trade accounted for 41 percent of the total value of the UAE's trade in 2019.

Gold topped the list at AED104bn ($28.3bn), or 15.7 percent of total trade.

Gerald Moser, chief market strategist at Barclays Bank, also warns that the gold retail sector will take time to recover from pandemic

According to figures, imports stood at AED378.8bn ($103.1bn) in