Bilateral trade between Japan and UAE has always been flourishing, enhancing the economy of both the sides and increasing future trade prospects. Gulf Cooperation Council (GCC) and Japan External Trade Organization (JETRO) have played a crucial role in harmonizing the trade relations between the two regions. In the recent statistics revealed by JETRO, the country purchased approximately 200 million barrels of oil from UAE which accounted for being 3 percent higher than the previous year.
In fact Japan was recognized as the biggest trading partner of the region in the first six months of 2007. Imports on the other hand largely included crude oil, which was priced about 2.20 percent lower, reaching US $62.08 and occupied nearly 80 percent of the total transaction.
According to JETRO, the average bilateral trade between UAE and Japan increased by over 4.30 percent reaching $18.8 billion compared to $18 billion in the previous year. Exports from UAE to Japan reached $15.38 billion up by 1.4 percent in the first half of the year compared to the same period in 2006.
While, exports of Japan soared by around 35 percent in the first six months, it imported goods worth nearly $44.65 from the GCC. UAE in particular received a share of about 35 percent of Japan's exports to the GCC bloc. Japan's textile exports to the GCC economies saw a remarkable increase and the same can be said for the exports of chemicals.
However, due to declining prices of crude oil and around 5.55 percent volume drop in imports of the same from the GCC, the growth of bilateral trade was held back at merely 1.33 percent. Nonetheless, it is hoped that the two regions will continue to successfully transact their dealings for mutual benefit and development.
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