Trade exchange between the United Arab Emirates and South Africa soared by 10.6 per cent in 2014 to $2.8 billion, compared with $2.5bn in 2013, new data reveals.
According to a study by the UAE’s ministry of economy, trade balance is heavily in favour of South Africa, one of the world’s largest emerging economies.
The value of UAE’s imports from South Africa totalled $1.72bn, while UAE exports stood at $124 million, in addition to $87m as re-exports.
According to the study published by Al Bayan, ethylene polymers topped UAE’s exports to South Africa at $23.5m. Other top exports of the Emirates include copper coils, large bottles, panels, plates and some electrical devices, among others.
Main imports from South Africa include gold ore, diamonds, coal, auto parts, transport vehicles, fresh or dried citrus fruits, pears, apples and other agro produce.
The study noted that a number of agreements and partnership deals were signed by the two countries to boost bilateral relations and create closer cooperation in various spheres.