The study added that the UAE's foreign trade of plastics grew by 48 % in the first six months of 2012 in comparison with the same period in 2011, increasing from USD 2.9 billion to USD 4.4 billion, respectively - with plastics exports being the main driver of growth during that period.
The study, which was conducted by MoFT Economic Advisor Dr Abdel Hamid Radwan under the supervision of Dr Mattar Ahmad, director of the Analysis and Trade Information Department at the ministry, pointed out that the UAE came third globally in the re-export of plastics in 2011, re-exporting a total of USD 444 million worth of the product - constituting a 3 % share of the world's re-exports of plastics.
During the same year, Hong Kong came in first place globally in this regard, re-exporting 81 % of the world's plastics (worth USD 13.3 billion), most of which headed to China.
Regionally, the study stated that the UAE produces 25 % of all plastics produced within the Gulf Cooperation Council, pointing out that it has over 600 plastics factories spread out across the country's seven emirates, with Borouge being the largest and most advanced plastics company in the country - expected to be able to solely produce 2.5 million tonnes of plastics in 2014 from the current capacity of just over 2 million tonnes.
The study also pointed out that the UAE's imports of plastics reached USD 3.4 billion in 2011, up by 17.2 % from 2010. The growth in imports increased in 2011 in continuation of the growth rate attained in 2010 (16.9 %), recuperating from the negative ramifications of 2009.
With regards to re-exports, the study revealed that the UAE's re-exports of plastics grew by 8 % from 2010-2011 (USD 444 million) and that it is continuing to witness more growth.