Ras Al Khaimah’s foreign trade up 11.8% in 2016
Foreign trade of the Emirate of Ras Al Khaimah grew by 11.8 per cent in 2016 compared to 2015, according to a report published by the Studies and Commercial Cooperation Department at the RAK Chamber, based on data from the Customs Department.
Dr. Ahmed Rashed Al Shemaili, Assistant Director-General of Commercial Service and Business Development Sector at RAK Chamber, said that foreign trade in the emirate had grown to reach Dhs10 billion compared to Dhs9.04 billion in 2015. Exports saw the lion’s share reaching Dhs3.78 billion, or 37.4 per cent of total foreign trade, followed by imports which reached Dhs3.53 billion, or 34.9 per cent. The re-export market stood at Dhs2.79 billion, or 27.7 per cent, of total foreign trade.
Al Shemaili added that the total weight of the emirate’s foreign trade reached 68,644,584,751 kilogrammes (kg) last year, of which 63,634,723,748kg were exports, 4,594,499,244kg were imports, and 415,361,759kg were in the form of re-exports.
According to Raja’ Mohammad Bin Juma, Head of the Economic Studies Section at RAK Chamber, imports grew by 16.4 per cent to Dhs3.53 billion in 2016 compared to Dhs3.03 billion in 2015. Exports increased by 6 per cent in 2016 to Dhs3.78 billion, compared to Dhs3.56 billion in 2015. Re-exports grew by 14.3 per cent to Dhs2.79 billion in 2016 compared to Dhs2.4 billion in 2015.
As for the geographic allocation of emirate’s non-oil foreign trade activity in 2016, Juma said that RAK Free Trade Zone led the way in exports with Dhs971 million, representing 27.5 per cent of total imports to the emirate. This was followed by imports worth Dhs638 million from Japan at 18 per cent of the total, Dhs400 million from South Africa at 11 per cent, Dhs204 million from China at 5.8 per cent, followed by Dhs184 million from the United States at 5.2 per cent of total imports to the emirate.
Other sources of imports to Ras Al Khaimah included Finland at 4.12 per cent of the total, Oman at 4.1 per cent, Bahrain at 4 per cent, India at 3.1 per cent, and Iran at 2.1 per cent.
As for exports from Ras Al Khaimah, Oman was the leading destination with a total value of about Dhs906.8 million or 24 per cent of total exports, followed by Kuwait with a value of Dhs855 million or 22.6 per cent, Qatar at Dhs 559 million or 14.8 per cent, followed by India at 12.7 per cent with a value of about Dhs480 million, and Bahrain at about Dhs281 million or 7.4 per cent of total exports.
Other destinations for exports from Ras Al Khaimah included Yemen at 3.9 per cent of total exports, Saudi Arabia at 2.97 per cent, Kenya at 2.94 per cent, followed by Jebel Ali Port at 2 per cent, and Iraq at 1 per cent. The rest of the emirate’s exports were distributed among several other countries.