Abu Dhabi – Mubasher: The UAE’s current account surplus increased by 37.6% year-on-year in 2018, recent data by the Central Bank of the UAE showed.
The state’s current account surplus grew to AED 139 million last year, representing 9.1% of gross domestic product (GDP), compared to AED 101 billion in 2017 that made up 7.3% of GDP, according to the central bank.
The central bank attributed the growth of the current account surplus to an increase of AED 52.2 billion in the UAE’s trade balance, which is mainly linked with oil prices.
Oil and gas exports rose by 13.9% year-on-year or AED 29.6 billion in 2018, while non-oil exports increased by 2.1% or AED 8 billion, the central bank noted.
Meanwhile, re-exported goods trade in the UAE fell by 4.6% or AED 25.3 billion last year, as compared with 2017, data revealed.
The UAE’s total exports and re-exported goods increased by 1.1% year-on-year or AED 12.3 billion in 2018, while total imports, including insurance and shipment charges, dropped by 4.4% or AED 44.7 billion.
The central bank also pointed out that the UAE recorded a net internal travel flow of AED 12.4 billion last year, compared to AED 12.5 billion in 2017.
Moreover, the country registered a net income of investment inflows of around AED 7.3 billion in 2018, the bank added.
On the other hand, deficit in the state’s financial account increased by AED 60.4 billion or 8.1% of GDP in 2018, reaching AED 1.23 billion.
