Dubai's non-oil trade up 6pc, pips Dh1tr mark

Dubai's non-oil external trade 6 six per cent to just over Dh1 trillion mark in the first 9 months of 2019, with China, India and the US remaining the top three largest trading partners of the region's commercial and trade hub.

Official figures by Dubai Customs showed that exports rose 23 per cent to Dh118 billion, re-exports grew 4 per cent to Dh312 billion and imports climbed 3 per cent to Dh589 billion. On a quarterly basis, the third quarter saw trade growing 7 per cent to Dh343 billion while second-quarter trade activity grew 3 per cent to reach Dh337 billion. The first quarter's trade activity saw a 7 per cent growth to reach Dh339 billion; these are compared to the same periods in 2018.

"The strong performance of Dubai's foreign trade reflects the robust fundamentals of our economy and prepares us to take advantage of the new opportunities that will come in 2020 - the year that will mark a new push for transformational growth over the next 50 years," said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai.

"We are confident our external trade sector will continue its strong growth momentum. Government teams are going above and beyond to develop new initiatives that will fast-track our trade growth. These include the Dubai Silk Road project, which will enhance Dubai's position as a leading trade and logistics hub," he added. "All our various achievements will also enable us to host an exceptional Expo 2020 and accelerate our growth and progress beyond the event."

Sultan bin Sulayem, DP World group chairman and CEO and chairman of Ports, Customs and Free Zone Corporation, said the strong growth delivered by non-oil foreign trade is a sign of how resilient the Dubai economy is. It also reflects Dubai's success in developing its manufacturing facilities.

"Dubai trade is agile and it has strong access to new markets, thanks to its reliability and transparency. This helps us with our upcoming projects that will be delivered in 2020 - the year of preparation for the next 50 years," he added.

Dubai's foreign trade out of free zones accounted for Dh439 billion, an 11 per cent or Dh45 billion increase year-on-year. Direct trade achieved a 2 per cent growth to reach Dh574 billion. Customs warehouse trade hit

Dh6 billion, land trade grew by 11 per cent contributing Dh169 billion, sea trade increased by 5 per cent to Dh381 billion and air trade rose by 4 per cent, accounting for Dh469 billion.

China remained Dubai's largest trading partner, contributing Dh109 billion, a 6 per cent increase. India was the second-biggest, contributing Dh100 billion, a growth of 16 per cent per cent, followed by the US with Dh57 billion and Switzerland with Dh47 billion. Saudi Arabia maintained its position as Dubai's largest Arab trade partner. The country was its fifthbiggest partner globally with Dh42 billion worth of trade.