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UAE–Hong Kong trade hits $9.7 billion

Business between both the countries has been growing significantly in the past years

The total trade exchange between UAE and Hong Kong, including free zones trade, reached $9.76 billion in 2013, reveals UAE-based Al Bayan citing a report.

According to the report, Hong Kong was ranked 14th in the list of trading partners of the UAE.

Issued by the UAE Ministry of Economy, Hong Kong’s Trade Policy report is based on the review of the trade policies and practices of Hong Kong by the World Trade Organisation for the period from 2010 to 2013.

Hind Al Youha, the director of Foreign Trade Policies at the Ministry of Economy, UAE, says that this kind of report includes an in-depth analysis of the foreign trade policies in each country in terms of economic environment.

Business between both the countries has been growing. The total trade exchange increased from $4.57bn in 2012 to $6.66bn in 2013, an increase of 45.7 per cent excluding free zones. The trade through free zones with Hong Kong reached $3.1bn in 2013.

The report states that the UAE’s exports to Hong Kong were gold – including gold plated with platinum, unwrought gold, or gold in powder form; jewellery and jewellery parts of precious metal or normal metals plated with precious metals; wires and ropes.

The UAE’s imports from Hong Kong were diamonds, jewellery and gold.

The reports shows a surplus in the trade balance in favour of the UAE due to the increase of 49 per cent in the value of total exports and the decline of 41 per cent in the value of imports during 2012 and 2013.

The report also shows that the economy in Hong Kong grew at an annual rate of 3.1 per cent (based on 2012 prices), driven mainly by domestic demand.

The report points out that Hong Kong is one of the most open economies in the world, with foreign trade accounting for 458 per cent of the gross domestic product in 2013.

Hong Kong also has the highest levels of economic freedom, competitiveness and ease of doing business, as well as an open foreign investment system.