UAE first-quarter exports slump despite Pakistan surge
United Arab Emirates exports under HS chapter 72 – comprising iron, scrap, ferroalloys, semi-finished products, flat and long products, wire and forged bars – declined -13% on-year in the first quarter. They thus totalled 669,062 tonnes, according to UAE Federal Competitiveness and Statistics Authority data monitored by Kallanish.
The main destination for exports in Q1 was Pakistan, jumping from third place last year, with 193,774t, up 67% on-year. Next came India, down from top spot last year, with a -53% slump to 117,773t. Oman and Saudi Arabia came third and fourth respectively, swapping places versus last year, with -8% and -51% declines respectively to 82,239t and 75,683t. Qatar came fifth despite a -45% drop to 40,200t.
UAE re-exports of chapter 72 products, meanwhile, totalled 59,801t, down -49% on-year. Oman was once again the largest destination with 25,656t.
UAE exports under HS chapter 73 – comprising pipe, pipe fittings, rail, forgings, welded structural sections, steel castings and cast iron – also fell in Q1, by -21% on-year to 174,586t.
Pakistan took top spot among UAE’s Q1 export destinations with a 103% on-year surge in intake to 35,703t. This was followed by Oman with a -44% drop to 25,220t and Saudi with a roughly 90% rise to 23,629t. India and the US came fourth and fifth respectively, with India dropping from top spot last year.
Re-exports of chapter 73 products dropped -32% on-year in Q1 to 89,928t. Oman and Saudi were the main two destinations.
Meanwhile, UAE exports under HS chapter 26 – ores, slag and ash – dropped -29% in Q1 to 123,265t. Qatar was the main destination with 71,050t.
UAE’s crude steel output grew 8.4% on-year in Q1 to 874,000t, according to worldsteel.
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Anonymous
Very good overview of the weekly steel market.
Anonymous