Strong oil prices allied with higher output to boost the UAE’s trade surplus to an all time high of around $94 billion in 2011, a Qatari bank has said.
The UAE’s commercial balance was the second largest in the six-nation Gulf Cooperation Council (GCC), with Saudi Arabia’s surplus standing at $254 billion, nearly half the group’s combined trade surplus, Qatar National Bank (QNB) said in a study on the GCC trade balance released this week.
It gave no figures for previous years but IMF figures showed the UAE recorded a trade surplus of around $55 billion in 2010.
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