AED20.5 Billion Worth Of Abu Dhabi's Iron And Copper Trade In 9 Months

Fakhir Rizvi Published January 24, 2019 | 03:00 PM

ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 24th Jan, 2019) The value of iron and copper trade in the Emirate of Abu Dhabi has increased to AED20.5 billion during the first nine months of 2018, a growth of 26 percent, compared to AED16.3 billion during the same period of 2017, according to figures released by the Statistics Centre − Abu Dhabi.

The trade of iron and copper accounted for 17 percent of the total non-oil trade of the Emirate during the period from January to September last year, which amounted to AED122.2 billion.

The significant trade growth was supported by the high frequency of activity of all sectors related to the iron and copper industry in Abu Dhabi specifically and the UAE in general since the beginning of 2018.

The iron and copper industry is one of the most important industries in the Emirate due to its association with a wide range of economic activities, mainly construction and real estate.

The value of Abu Dhabi's iron and copper exports rose to AED4.45 billion from January to September 2018, an increase of 37 percent compared to AED3.25 billion during the same period in 2017.

The value of re-exports of the same minerals reached AED198 million by the end of September last year, a growth of 29 percent, compared to AED153 million in September 2017.

On the imports level, it reached AED15.9 billion from January to September 2018, an increase of 22.8 percent, compared to AED12.94 billion during the same period of 2017.

While the value of Abu Dhabi's imports of iron were AED10.1 billion by the end of September, its imports of copper were AED5.85 billion.