The Central Bank of UAE (CBE) disclosed a rise in the current account surplus to 139 billion dirhams (9.1 percent of GDP) in 2018 from 101 billion dirhams (7.3 percent of GDP) in 2017.
According to the Central Bank, the increase in the trade balance is due to an increase of 52.2 billion dirhams, mainly related to the development of oil prices. Exports of oil and gas increased by 13.9% in 2018, equivalent to 29.6 billion dirhams, compared with 2017.
Total exports and re-exports rose 1.1 percent, while the total imports (including insurance and shipping) declined by 44.7 billion dirhams or 4.4 percent in 2018.
The net travel item recorded an inflow of AED 12.4 billion in 2018, compared to AED 12.5 billion in 2017. While the net investment income recorded an inflow of AED 7.3 billion in 2018. The net foreign assets of the central bank also rose, including the Reserve Center of the International Monetary Fund, to AED 13.3 billion in 2018.
Source: (Al-Arabiya.net, Edited)
