While the UAE and Japan have both been fighting the economic slowdown, bilateral trade between the two seems to have flourished, at least in 2008. Japan External Trade Organisation (Jetro), a government trade promotion body, yesterday reported a 41.8 per cent increase in bilateral trade between Japan and the UAE amounting to $57.2 billion (Dh209 billion) in 2008, fuelled by high oil prices that reached a historic high level of $147 last July.

Total exports to Japan increased by 43.71 per cent to $46.41 billion, primarily driven by crude exports amounting to $38.5 billion. Even though the volume of oil exported was lower than in 2007, the price was higher, from an average rate of $69.6 per barrel in 2007 to $104.3 per barrel in 2008.