Yemen-APEC trade up [Archives:2005/811/Business & Economy]

January 27 2005

An economic report says that the volume of trade between Yemen and the Asia-Pacific Economic Cooperation Organization (APEC) has risen steadily, reaching YR 652 billion last year, compared to about YR 401 in 1999.

This year, Yemen is seeking to diversify its exports and increase the volume and revenue of non-oil goods. The report issued by the Statistics Central Apparatus (SCA) said that trade -total of exports and imports- between Yemen and the APEC countries accounts for 48 per cent of Yemen's external trade (around YR 1.3 trillion) in 2003.

The Yemeni government wants to concentrate on its fisheries and agricultural sectors this year to improve the balance of trade with international groups. The government has given directives to concerned parties to prepare strategic plans for the development of non-oil exports to attract investment in the productive sector.

According to the report by the SCA, the total volume of Yemen's exports to APEC countries in 2003 amounted to YR 494 billion, with 43 per cent of those exports going to China, followed by Thailand with YR 213 billion, South Korea with YR 36.2 billion, Singapore YR 29 billion, Indonesia YR 12.5 billion, the USA YR 11.6 billion, Malaysia YR 11 billion, and Japan YR 7.2 billion.

The government says its endeavor to join the World trade Organization requires improvement of its exports of non-oil product industries. It is scheduled that negotiations be launched in a second round between Yemen and the WTO during the second half of this year.