Need more than oil Selling Yemens goods [Archives:2002/20/Business & Economy]

BY YEMEN TIMES STAFF
Thanks to its oil, Yemen has traditionally had a trade surplus. But with uncertainty in that market, and projections for national oil exports to decline, there is increasing pressure for the country to find other products to trade.
And an upcoming trade show to be held in Sanaa soon is geared to exactly that.
Sanaa will host on May 20 – 26 Yemens Fourth International Trade Exhibition to create stronger ties between Yemens business community and foreign investors.
A trade official told The Times that giant manufacturing companies from all over the world will take part in the exhibition, and its expected that many trade agreements will be signed during the week event.
Yemen strives to showcase its best investment opportunities in the country, particularly at the Aden Free Zone.
This exhibition is expected be a focal point for enhancing Yemens trade relations with Arab countries, south east Asia countries such as Malaysia, Indonesia, and Singapore.
The major Arab participant in this exhibition is the United Arab Emirates which has reserved the largest space to showcase its national products.
Yemeni traders consider this exhibition as an important step to introduce the national industry to investors worldwide.
Imports to Yemen have increased by YR 67.8 billion (21.7 percent) totaling YR 380.5 billion due to the high local demand resulting from the ever-increasing population growth.
Trade balance of Yemen achieved a surplus in 2000 four times higher than that of 1999, rising from YR 67.3 billion to 279.3 billion. The total increase rate is YR 212 billion, up 315 percent.
Yet, Yemeni oil exports accounted for the lions share of the Yemen exports totaling YR 636.5 billion in 2000.
While that means Yemen is an exporting country and also has a large consuming market, Yemen businessmen are hopeful the upcoming exhibition will open new doors for their businesses.
Major imports arriving to the Yemeni markets are foodstuffs, livestock, oils, raw materials, cars, electrical appliances and drugs.
Yemen which has a population of more than 18 million will remain a vital market for all exporting countries.
But it needs to promote its foreign trade and increase its exports and not merely organizing trade exhibitions. There should be a strong infrastructure that is required for boosting trade.
The table below show exports and imports (in YR millions) based on the category of goods for the year 2000.




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