Dubai non-oil foreign trade hits Dh645b
dubai — Dubai’s non-oil foreign trade recorded Dh645 billion in the first half of 2018, an increase of Dh5 billion from 2017 figures.
Dubai’s re-exports registered a Dh24 billion increase and grew 14 per cent to Dh203 billion, while imports touched Dh377 billion and exports totalled Dh65 billion.
Freezones’ foreign trade increased by 20 per cent to Dh43 billion in the first half of 2018 to Dh257 billion. Re-export activity through freezones touched Dh112 billion, with a 31 per cent increase from the same period in 2017, while exports through freezones saw a 23 per cent increase to Dh8 billion, and imports through free zones made Dh136 billion; an increase of 12 per cent compared to the same period last year. Direct trade stood at Dh383 billion and customs warehouse trade weighed in at Dh6 billion.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, said: “Dubai’s competitiveness plays a key role in attracting investments from around the world, which seek to take advantage of Dubai’s position as a regional and international trading hub.”
He said that trade is one of the key sectors that drives Dubai’s growth as a major global trading hub, which is supported by the emirate’s long heritage of being a gateway for global trade.
“The current growth of Dubai’s non-oil foreign trade is an indication that we are on the right path of revenue diversification,” Sheikh Hamdan continued.
Sultan Ahmad bin Sulayem, DP World Group Chairman and CEO and Chairman of the Ports, Customs and Free Zone Corporation, credited the performance of the foreign trade sector to Dubai’s advanced infrastructure and policies. He pointed out that Dubai Customs was the first to introduce many advanced systems and programmes in support of Dubai’s preparations to host Expo 2020.
“We are offering a plethora of facilities and advanced services to traders and investors that will make their experience of doing business with Dubai memorable,” he added.
Dubai’s airborne trade accounted for Dh302 billion while seaborne trade recorded Dh237 billion. Trade conducted through land transportation weighed in at Dh106 billion.
China maintained its position as Dubai’s biggest trading partner in the first half of 2018 with Dh69 billion worth of trade. India came second with Dh56 billion, followed by the US in third place with Dh39 billion. Saudi Arabia remains the largest Arab trade partner of the UAE and its fourth largest global trade partner with Dh29 billion.
Gold topped the list of high-value commodities in Dubai’s foreign trade in the first half of 2018 with Dh76 billion worth of trade. Next on the list was phones with Dh75 billion worth of trade, followed by jewellery (Dh51 billion), diamonds (Dh47 billion), and cars with Dh33 billion.
Dubai’s competitiveness plays a key role in attracting investments from around the world Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai