Abu Dhabi – Mubasher: Gold trade in the UAE increased 12.6% in 2016, according to a new report by the Federal Customs Authority (FCA).
The value of trade reached AED 244.3 billion ($66.52 billion) last year, up from AED 217 billion ($59.09 billion) in 2015.
The UAE’s imports of the precious metal reached AED 142.4 billion in 2016, while exports amounted to AED 75.9 billion and re-exports reached AED 26 billion.
Non-monetary gold, including ingots, represented 73% of the UAE’s total trade volume and amounted to AED 178.6 billion, according to the report.
The value of gold jewellery reached AED 65.6 billion, representing only 27% of total trade for the precious metal, according to the FCA.
The UAE’s gold trade is expected to recover and grow significantly in the coming period, as gold regains its position as a safe haven for investors amid the ongoing instability and insecurity, FCA chairman Mohammed Al Ka’abi said.
The current state of instability seen on global stock markets, in addition to the slowdown of the global economy will support gold trade in the coming period, he added.
