Trade in UAE food products hits $8.6bn in Q1

The value of Emirati food products traded in the first quarter of 2020 totalled AED31.7 billion ($8.6 billion), according to the latest figures from the Federal Competitiveness and Statistics Authority.

The figures also show that the value of the country’s food imports in the first quarter of 2020 amounted to AED17.98 billion ($4.90 billion) while trade in medicines and pharmaceuticals amounted to AED4.5 billion, including imports worth AED3.55 billion and the rest were exports and re-exports, reported state-run news agency Wam.

The medicines and pharmaceuticals trade in the first quarter of 2020 accounted for some 24 percent of the UAE’s total trade in this category in 2019.

As part of the country’s efforts to achieve food security, the UAE Cabinet formed a working team to study the development of modern agriculture in the country, to support the adoption of modern technologies in the agricultural sector, providing food products that meet the market needs and raising the competitiveness of local products.

The Emirates Council for Food Security adopted a mechanism to monitor food imports to follow their movement within the supply chain, comprising three key phases.

The National Food Security Strategy aims to create a comprehensive national system based on enabling sustainable food production and identifying the requirements of the national food basket that includes 18 key items, in line with required standards that include knowing the levels of local consumption, production capacity, and food requirements.

The strategy also includes 38 long- and short-term initiatives focussing on four strategic areas, which include facilitating global food trade, diversifying sources of food imports and identifying alternative supply sources.

 

Source: http://www.tradearabia.com/news/MISC_369355.html

 

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