According to Frost & Sullivan, the boost in the trade value is a healthy sign of recovery for the United Arab Emirates (UAE) economy and a strong announcement to the global economies about the country's rebound from the lows of financial crisis.
Also, the fact that the imports have witnessed a growth by over 20 per cent showcases the retrieval of erstwhile demand patterns (pre-recession) and increased consumption. It also shows clear signs of growing per capita spend and revitalising economy. Furthermore, the UAE's investment and government’s initiatives to establish itself as an exporter on the global landscape are auguring well for the country’s economy.
India tops the list of bullion trade partners of the UAE, a significant part of the non-oil trade, followed by Switzerland, Iraq and Belgium. Given the volatile global economy and the consideration for gold (major part of the bullion trading) as a safer investment, the bullion business is expected to sustain its position in the UAE trade.
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