DUBAI NON-OIL TRADE CROSSES DH1 TR
Exports last year rose 8% to Dh167b while imports touched Dh686b
Dubai’s non-oil foreign trade crossed Dh1.18 trillion last year despite challenges posed by the global economic downturn due to Covid-19 and suspension of business activity across the world.
The total trade volume reached 100 million tonnes last year, driven by a 6 per cent year-on-year volume growth in the second half of the year.
Overall value of exports in 2020 grew 8 per cent to Dh167 billion, while imports accounted for Dh686 billion and re-exports totalled Dh329 billion.
“The exceptional growth performance of Dubai’s external trade sector reflects the emirate’s impressive resilience and its ability to recover and grow amidst international crises. Dubai has set an example for the world in dealing with both the economic and health repercussions of the pandemic,” said Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of The Executive Council of Dubai.
Dubai’s direct trade in 2020 totalled Dh711 billion, while trade through free zones reached Dh464 billion and customs warehouse trade weighed in at Dh7 billion. Airborne trade accounted for Dh559 billion. Sea trade reached Dh421 billion while land trade touched Dh203 billion.
Momentum to further accelerate
Dubai’s trade sector impressively overcame the impact of a global trade downturn in 2020. With the gradual opening of borders, Dubai’s trade volumes started recovering and growing quickly in the second half of 2020.
The resumption of trade with Qatar, the start of trade engagement with Israel, the positive spin-offs from hosting EXPO 2020 Dubai and the launch of the Dubai 2040 Urban Master Plan will all contribute to accelerating the growth momentum.
Dubai’s non-oil foreign trade touched Dh1.182 trillion in 2020 driven by a 6 per cent growth in trade volume to 100 million tonnes, thanks to a strong second-half performance.
“The exceptional growth performance of Dubai’s external trade sector reflects the emirate’s impressive resilience and its ability to recover and grow amidst international crises,” Shaikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of Dubai Executive Council.
‘An example for world’
“Dubai has set an example for the world in dealing with both the economic and health repercussions of the pandemic. We were able to quickly renew our momentum of growth and reestablish our global leadership in various sectors.”
The overall value of exports grew 8 per cent to Dh167 billion in 2020 while imports accounted for Dh686 billion and re-exports totalled Dh329 billion.
Five-year strategy
“The external trade sector’s distinctive growth in 2020 will boost the implementation of Dubai’s five-year plan to expand its external trade to Dh2 trillion, consolidating the emirate’s position as a leading regional and global trade and investment hub,” Shaikh Hamdan said.
“Dubai’s new international trade map will see an expansion in air and sea navigation routes, with 200 new cities set to be added to the emirate’s existing network of 400 cities.”
Impressive growth
With the gradual opening of borders, Dubai’s trade volumes started recovering quickly in the second half of 2020.
In the third quarter, Dubai’s trade surged 34 per cent compared to Q2, and in Q4, trade grew by 7 per cent to Dh326 billion compared to Q3.
Trade volumes in the second half of 2020 expanded by 6 per cent compared to the corresponding period in 2019.
The resumption of trade with Qatar, the start of trade engagement with Israel, the positive spin-offs from hosting Expo 2020 Dubai and the launch of the Dubai 2040 Urban Master Plan will all contribute to accelerating the growth momentum.
“The Dubai Chamber has been restructured by creating three new chambers of commerce. They will enhance support for the trade sector by creating new solutions for the needs of investors and companies,” said Sultan Bin Sulayem, DP World Group Chairman & CEO and Chairman of Ports, Customs and Free Zone Corporation.
Dubai Customs has launched its five-year strategy for 202126, which outlines nine goals and four main objectives.
China maintained its position as Dubai’s largest trading partner followed by India and the US. In fourth place is Saudi Arabia, which continues to be Dubai’s largest Gulf and Arab trade partner, followed by Iraq in fifth place.