UAE-China bilateral trade up 16pc in first quarter | 2019-07-22

UAE-China bilateral trade up 16pc in first quarter

22 July, 2019 12:00 AM printer

BEIJING: Bilateral trade between UAE and China increased 16.2 per cent to $11.2 billion (Dh41bn) in the first quarter of the year compared with the same period a year earlier, the Chinese ambassador to the UAE said.

"China-UAE trade is expected to maintain the momentum of rapid growth throughout 2019 and beyond," Ni Jian told the state news agency Wam, report agencies.

The comments come as Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, is on a visit to China this week to boost trade and economic relations between the two countries.

In the first five months of this year, bilateral trade amounted to $19bn, a 11.3 percent increase from the same period last year, Mr Ni added.

Chinese exports to the UAE as well as imports from the UAE into China in 2018 also accelerated. China’s exports to the UAE grew 3.2 per cent to $29.66bn and China’s imports from the UAE went up 32.8 per cent to $16.26bn.

Investments from China in the UAE reached $9.1bn with Chinese foreign direct investment in the UAE touching $620 million in 2017, the ambassador said.

Speaking on the Belt and Road initiative of the Chinese government, Mr Ni said China and the UAE have made “solid co-operation and yielded remarkable achievements".

“Our co-operation in commodities trade is optimising, with the UAE maintaining its status as China’s second largest trading partner and top export market in the Middle East and North Africa region.

"In general, Chinese companies in the UAE have been growing by leaps and bounds, especially at a time when our bilateral relations are thriving and the UAE has become an important partner in the Belt and Road co-operation," he said.

Chinese engineering contracting companies accrued $3.61bn in revenue from projects in the emirates, a 53 per cent increase on their 2018 top lines.