RAK's foreign trade grows by 38 percent in 5 years

RAS AL KHAIMAH, 1st February, 2017 (WAM) — Foreign trade in Ras al-Khaimah grew by 38 percent between 2011 and 2015, according to a study published by the local Chamber of Commerce and Industry, called “An analytical study about foreign trade in the emirate of Ras al-Khaimah”.

Dr. Ahmed Rashed Al Shamili, Assistant Director-General for Commercial Services and Business Development, stated that the study addressed several main topics, including the level of foreign trade during the last ten years.

The increases in foreign trade in the period between 2011 and 2015 achieved a growth rate of 38 percent, as the conditions for foreign trade had witnessed significant developments, he said.

Exports in 2015 constituted 39.4 percent of total foreign trade, compared to 30 percent in 2011. This highlights the strength of the emirate’s trade balance and its dependence on the added value generating sector, with imports accounting for 33.5 percent and exports accounting for 27 percent of total foreign trade in 2015, he added.

According to the study, the boom in foreign trade was a result of the management of trade policies through an integrated system that relied on inputs, processes and outputs that were linked to regional and global commercial institutions, as well as government economic strategy.

This had a significant role in facilitating additional exports and supporting all types of exporters in promoting their products locally, regionally and internationally. New partnerships between producers and exporters were also encouraged by the government, who helped to solve legal issues for exporting by providing valuable information and advice, while creating the ideal environment for investors to attract local and international investments.