Dubai non-oil trade hits Dh1.3 trillion

Dubai - China remains city's top trading partner, followed by India and the US

 The value of Dubai's non-oil foreign trade hit Dh1.283 trillion in 2015 despite the global slowdown, underscoring the emirate's strong standing in the global trading landscape.
While China maintained its position as Dubai's leading trading partner with Dh176 billion in two-way trade, India came second at Dh96 billion, followed by the United States at Dh82 billion. Saudi Arabia maintained its position as the top Arab and GCC trading partner and fourth globally with Dh57 billion of total trade. Germany stood fifth at Dh46 billion.

Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, said Dubai could diversify its foreign trade despite fluctuations in international trade in 2015, the slump in global markets and the decline in basic commodity prices.
Imports accounted for Dh796 billion of the total non-oil trade while exports contributed Dh132 billion and re-exports Dh355 billion.
Shaikh Hamdan pointed out that the economic diversification strategies of Dubai and the UAE in general are achieving their objectives, underscoring the country's economic resilience and its ability to adapt to fluctuations in international markets.
"Dubai's trade sector continues to demonstrate strong performance and significantly contributes to the country's economic growth," the Dubai Crown Prince said.
Crucial role
He explained that after the leadership announced its post-oil plans, trade would play a crucial role in the national economy, supported by the country's highly efficient infrastructure.
In 2015, Dubai further boosted its international and regional position as a springboard for trading ICT products. "This reflects its progress in transforming itself into the world's smartest city and a knowledge-based economy as well as the UAE's transition into a post-oil economy," said Shaikh Hamdan.
The growth in trading of mobile phones and computers was a hallmark of Dubai's diversified foreign trade. Phones represented the most traded commodity with a total value of Dh185 billion. The category included all kinds of smart, mobile and land phones. Computers ranked sixth among traded commodities with a total value of Dh46 billion - a trading trend that validates Dubai's status as a global and regional technology hub.
DP World Chairman and CEO and Chairman of Ports, Customs and Free Zone Corporation Sultan Ahmed bin Sulayem said Dubai has once again demonstrated its great capacity to cope with and make the best of the ups and downs of global trade, focusing on the thriving sectors of ICT products and smart devices and staying ahead of the game in the race towards becoming the world's smartest city.
"The foreign trade sector has no doubt been a key player in the UAE's successful economic diversification, which saw the contribution of hydrocarbon to the nation's GDP significantly dropping to just 30 per cent."
"The ambitious goals of UAE Vision 2021, Dubai Plan 2021 and the approaching Expo 2020 are propelling us to continue raising Dubai's global competitiveness through the introduction of innovative solutions capable of handling the surging demand resulting from Dubai being a hub for global trade at the crossroads of East and West," said bin Sulayem.
Dubai maintained its leading position as a global hub for precious metals and stones trading. The value of gold traded was Dh117 billion; diamond Dh94 billion and jewellery Dh65 billion. Automobiles accounted for Dh68 billion in value.
The bulk weight of traded goods surged by six per cent to reach 85 million tonnes compared to 81 million tonnes in 2014. Direct trade accounted for the largest share of Dubai's total foreign trade at Dh802.14 billion, while free zones and customs warehouses contributed Dh447.23 billion and Dh33.16 billion respectively.
In terms of shipment and freight transport, air cargo accounted for Dh571 billion while sea freight contributed Dh501 billion and inland trade was Dh210 billion.
- issacjohn@khaleejtimes.com