SME Times News Bureau | 06 Nov, 2009
The United Arab Emirates (UAE) has imported cast iron rods worth $6.77 billion in 2008, a 237 percent increase over last year and 14 times more than the global growth rate of imports, WAM news agency reported.

Turkey was the UAE's main source of cast iron rods in 2008, contributing 87 percent of supply. China came second at 12 percent, while the remaining one percent coming from other global sources, the foreign trade ministry said in a report Wednesday.

"UAE exports and re-exports of cast iron rods were at around $90 billion in 2008, growing 34 percent over 2007. Re-export data indicate that 99.4 percent of export was directed towards the local market," the report said.

The UAE was the world's top importer of cast iron rods in 2008, accounting for 27 percent of global imports. Germany came in second at seven percent, followed by the US with four percent.

International imports of cast iron rods were estimated at $24.79 billion in 2008, growing 17 percent over 2007, while exports of iron rods were estimated at $28.18 billion in 2008, a 24 percent increase over 2007.

The UAE's non-oil economic sectors have grown impressively within the last three years and have significantly influenced GDP (gross domestic product) growth, according to the report.

The non-oil GDP economic contribution for 2008 is estimated at 590 billion UAE dirhams, a 17 percent increase over 2007.

The Emirates' building and construction sector is considered the primary driver for this growth.