Dubai non-oil foreign trade up 2% at Dh1.3t; China ranks top partner

Dubai non-oil foreign trade up 2% at Dh1.3t; China ranks top partner

By Staff Report

Published: Mon 19 Mar 2018, 9:17 PM

Last updated: Mon 19 Mar 2018, 11:22 PM

Dubai's non-oil foreign trade in 2017 grew Dh26 billion, or 2 per cent, to Dh1.302 trillion compared to Dh1.276 trillion in 2016, with China maintaining its status as a top trading partner of the emirate.
Dubai's re-exports grew 9 per cent in 2017 to Dh360 billion, while Dubai's imports reached Dh798 billion and exports totalled Dh144 billion. Dubai's foreign free zone trade grew 5 per cent to Dh434 billion, while direct trade touched Dh 829 billion and customs warehouse trade reached Dh39 billion.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the 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.
Sheikh Hamdan further said that enhanced competitiveness supports the effort to ensure the national economy achieves the top ranking in various global competitiveness indices in line with the guidelines of UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and the vision of Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum. "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 its non-oil foreign trade is an indication that we are on the right path of revenue diversification," Sheikh Hamdan said.
"Dubai's external trade growth reflects global economic trends, especially in the areas of communication and information technology. This is driven by the national economy's focus on innovation and creativity, and our leadership in adopting artificial intelligence technologies in various sectors. There is no doubt that Expo 2020 will showcase our unique economic experience and our ability to establish global leadership across sectors," he said.
Meanwhile, Dubai's non-oil foreign trade conducted through land transportation grew 4.1 per cent to reach Dh241 billion in 2017, while sea trade grew 3.3 per cent to Dh467 billion and air trade reached Dh594 billion. 
China maintained its position as Dubai's biggest trading partner in 2017 with Dh176 billion worth of trade or 13.6 per cent of the total value, followed by India with Dh99 billion representing 7.6 per cent of Dubai's total non-oil foreign trade. The USA came third with a total of Dh 85 billion or 6.5 per cent of Dubai's total trade. 
Saudi Arabia is Dubai's leading business partner among GCC and Arab countries, and its fourth biggest trading partner, with trade worth Dh 58 billion, representing 4.5 per cent of Dubai's total trade with the world. Mobile phones topped the list of high-value commodities in Dubai's foreign trade in 2017, with Dh 174 billion. This supports Dubai's transformation into the world's smartest city and its growth as a major regional and global trading hub for ICT products. 
Next on the list was gold with Dh159 billion, followed by diamonds at Dh105 billion. Vehicles came fourth at Dh70 billion. 
Sultan Ahmed bin Sulayem, Group Chairman of DP World and CEO and Chairman of Ports, Customs and Free Zone Corporation (PCFC), said that the exceptional performance of the foreign trade sector has been driven by Dubai's advanced infrastructure. - waheedabbas@khaleejtimes.com
 




More news from Business
Luxury vrooms again

Business

Luxury vrooms again

This year the #NoFilterDXB witnessed a dazzling array of replica vehicles from some of Hollywood’s most classic movies and TV shows.

Business4 days ago