Trade between UAE and Japan hits rough patch - GulfToday

Trade between UAE and Japan hits rough patch

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The photo has been used for illustrative purposes.

Abeer Abu Shammaleh, Staff Reporter

The total value of trade exchange between the UAE and Japan fell by 9.6 per cent to Dhs27.38 billion ($7.46 billion) in the first quarter of this year, down from Dhs30.28 billion ($8.25 billion) in the corresponding period last year.

According to the data of the Japan External Trade Organisation (JETRO), the UAE’s imports from Japan dropped by 14 per cent to Dhs6.5 billion ($1.78 billion) in the first three months of this year, down from Dhs7.6 billion ($2.07 billion) in the same period last year.

The UAE’s exports to Japan also dropped by 8 per cent to Dhs20.85 billion ($5.68 billion) in the first quarter of this year, down from Dhs22.68 billion ($6.18 billion) in the same period last year.

The surplus of the UAE’s balance of trade with Japan dropped by 5.1 per cent to Dhs14.35 billion ($3.91 billion) in the first quarter of this year, down from Dhs15.12 billion ($4.12 billion) in the first quarter last year.

Recently the UAE-Japan Strategic Business Forum was held in AbuDhabi and its agenda of the UAE-Japan Strategic Business Forum is considered to be a turning point in the cooperation between the UAE and Japan, and reflects the approach developed over the past four years, which has led to major partnerships between the public and private sectors of both countries, said officials who participated in the forum.

The participation of Shinzo Abe, Prime Minister of Japan, along with senior Emirati officials, highlights the desire of Japan, a major East Asian economy, to reinforce its ties with the UAE, which has advanced to the stage of diversified partnerships to prepare for the post-oil era.

During the forum, officials stated that the desire of the wise leadership to promote the UAE’s ties with the three major Asian countries, Japan, China and India, is part of its vision to reinforce the country’s ties with these countries.

In his statement to the Emirates News Agency (WAM), Juma Al Keet, Assisting Under-Secretary for Foreign Trade Affairs at the Ministry of Economy, stated that the achievements of the recent partnership between the UAE and Japan would not have been possible without the efforts of the wise leadership and its monitoring of the performance of various national sectors.