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Imports drive Dubai's non-oil trade in Q1
Dubai's free zone trade accounted for Dh108.5 billion in Q1 of 2017.
dubai - Trade grew 2.7 per cent to reach Dh327 billion
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, praised the growth in Dubai's non-oil trade, and said Dubai has once again proved its ability and readiness to overcome all challenges.
"Dubai has been able to offset the impact of key challenges, including major currency fluctuations and slower global economic growth, and increase its non-oil foreign trade as well as cement its position as a regional and global business hub," Sheikh Hamdan said.
"Vice-President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum's vision for the future along with a number of initiatives such as Dubai 10X, which aims to place Dubai 10 years ahead of all other cities, and the 'UAE Centennial Plan 2071' have inspired a series of innovative and creative initiatives that will boost the UAE's economy. These initiatives also support the goal of ensuring the happiness of people and making Dubai a global leader in many key sectors," Sheikh Hamdan said.
"We seek to enhance the UAE's competitiveness by developing commercial and customs services that bring significant financial benefits for all those that choose Dubai as a hub for their operations," Sheikh Hamdan added.
Imports accounted for the lion's share of non-oil foreign trade at Dh201 billion (three per cent growth) while exports accounted for Dh35 billion and re-exports Dh91 billion (five per cent growth).
The volume of Dubai's external non-oil trade reached 24 million tonnes, while imports reached 15.84 million tonnes, re-exports 4.24 million tonnes and exports 3.84 million tonnes.
Direct trade grew 3.5 per cent to Dh209 billion in the first quarter of 2017, while free zone trade accounted for Dh108.5 billion. Customs warehouse trade grew 31 per cent in the first quarter to reach Dh9.1 billion compared to the same period in 2016.
Meanwhile, Dubai's non-oil foreign trade conducted through land transportation grew 14.7 per cent to reach Dh61 billion in the first quarter while sea trade accounted for Dh118 billion, and air trade reached Dh147.3 growing 1.1 per cent.
- business@khaleejtimes.com
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