EXPORTS, IMPORTS OF OIC COUNTRIES ACCOUNT FOR 11.3% OF WORLD TRADE

The trade of the Islamic countries posted steady growth from $ 3.9 trillion in 2011 to $ 4.1 trillion in 2012, i.e. an improvement by 6.2 percent, which accounted for 11.3 percent of world trade in 2012.(Illustration:Brillate.com)

Jeddah, 23 Rabi’ul Awwal 1436/14 January 2015 (MINA) – The report pointed out that the trade of the Islamic countries posted steady growth from $ 3.9 trillion in 2011 to $ 4.1 trillion in 2012, i.e. an improvement by 6.2 percent, which accounted for 11.3 percent of world trade in 2012.

There has been increase of 5.2 percent in the volume of exports of the Member States of the Organization of Islamic Cooperation (OIC), reaching to over $ 2.2 trillion from $ 2.1 trillion during the period between 2011 and 2012.

The increase in energy prices and other commodities by about 12 percent during the period was mainly instrumental to this growth, according to a recent report prepared by the OIC and obtained by the International Islamic News Agency (IINA) quoted by Mi’raj Islamic News AGENCY (MINA) as reporting.

The report showed that the total volume of imports of the OIC countries valued at more than $ 1.9 trillion in 2012 against $ 1.7 trillion in 2011, an increase by 7.5 percent, due to the rise in global technical and scientific products imported by Member States.

The report stated that the main products exported by the OIC countries included manufactured products (36 percent), mineral fuels (28 percent), food products (14 percent), inedible raw materials (10 percent), machinery and transportation equipment (7 percent), and chemicals (5 percent).

Whilst, the main imported global products were machinery and transportation equipment (28 percent), followed by various manufactured products (26 percent), mineral fuels (18 percent), food products (15 percent), chemicals (10 percent), and inedible raw materials (3 percent).

According to the report, the list of key players in the world trade of the OIC Member States in 2012 was topped by Saudi Arabia ($ 515.2 billion) followed by the UAE ($ 492.8 billion), Malaysia ($ 424.5 billion), Turkey ($ 389.1 billion), Indonesia ($ 381.8 billion), Iran ($ 195.1 billion), Nigeria ($ 161.2 billion), Qatar ($ 150.1 billion), Kuwait ($ 128.7 billion) and Iraq ($ 126.1 billion).

Together, these ten countries accounted for 72 percent of the OIC’s world trade in 2012.

The report noted that the main products traded within the OIC zone in 2012, involved the various manufactured products (31 percent), mineral fuels (23 percent), machinery and transportation equipment (17 percent), food products (15 percent), chemicals (8 percent) and inedible raw materials (7 percent).

According to the report, the total trade in services (exports + imports) of the OIC countries in 2012, amounted to $ 727.5 billion, i.e. an increase by 22.3 percent in comparison to 2011, accounting for 8.4 percent of global trade in services in 2012.

The report attributed the trade in services increase during 2012 to the rise in the service sectors of information and communication technology, travel, construction, recreation and culture, transportation and insurance.

Trade in services of the OIC countries was topped by travel services and tourism (31 percent), followed by government services (22 percent), transportation (21 percent), communications (5 percent), licenses and royalties (4 percent), construction (3 percent), insurance (2 percent), recreational and cultural services (2 percent) and other services (10 percent).

The report stated that the key actors of the OIC Member States in trade in services during 2011, comprised Saudi Arabia ($ 84.2 billion), followed by Malaysia ($ 80.2 billion), Turkey ($ 63.3 billion), the UAE ($ 61.7 billion), Indonesia ($ 58 billion), Egypt ($ 38.3 billion), Lebanon ($ 32.7 billion), Nigeria ($ 32.3 billion), Qatar ($ 31.4 billion) and Kuwait ($ 27.9 billion). Together, these ten nations accounted for 70 percent of the OIC’s trade in services in 2013.(T/R05/P3)

Mi’raj Islamic News Agency (MINA)