Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular. In essence, the UAE resembles the US in being receptive to foreign trade. Many countries including China enjoy trade surpluses with the US.
The UAE enjoys a surplus in its trade balance and as such in its current account by virtue of being a key exporter of oil to international markets. Steady oil prices for several years in a row have been helping the country register comfortable surpluses in its external accounts.
In fact, the UAE stands out for being exceptionally receptive to non-oil imports. Statistics released by the Federal Customs Authority, an official entity, showed that the country's non-oil trade rose by 23 per cent last year, undoubtedly a significant gain in a span of one year. In other words, non-oil trade rose by a hefty $47 billion (Dh172.61 billion) to notch a record $253 billion.
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