04-Feb (The National) — Gold helped to lift the UAE’s exports by 45 per cent in the first seven months of last year with the precious metal accounting for more than half of the value of the non-oil goods exiting the country.
Total exports reached Dh94.7 billion (US$25.78bn), up from Dh65bn in the same period of last year, data released by the Federal Customs Authority last week showed.
Gold accounted for Dh52.8bn of that amount, far higher than the next most valuable export, polymers, which made up Dh4.3bn.
The metal’s dominance in trade reflects the rise in prices. Prices finished 7 per cent higher last year, the 12th year in a row of rises. Still the gain was the smallest yearly one since 2008.