Enjoy our faster App experience

Dubai non-oil trade posts solid growth of 5% in H1

dubai, trade, oil, growth, business

Dubai - Growth of 87% from 2009.



by

A Staff Reporter

Published: Sat 5 Oct 2019, 3:42 PM

Last updated: Sun 6 Oct 2019, 9:43 AM

Dubai recorded a non-oil foreign trade of Dh676 billion in the first half of 2019, an increase of 5 per cent year-on-year from Dh644 billion in the corresponding half last year, representing a growth of 87% from 2009.
Exports registered the highest rise at 17 per cent to reach Dh76 billion while re-exports were up 3 per cent at Dh210 billion and imports grew 4 per cent at Dh390 billion.  
Dubai's non-oil foreign trade volumes surged 31 per cent year-on-year in the first half of 2019. Data released by Dubai Customs showed that the total volume of the emirate's foreign trade reached 56 million tonnes; a record jump from 43 million tonnes registered in H1 last year. Exports rose by 46 per cent to 10 million tonnes, re-exports were up 39 per cent to 9 million tonnes and imports increased 26 per cent to reach 38 million tonnes.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, said: "The diversified profile of Dubai's foreign trade reflects not only its strengths in traditional sectors but also its emergence as a hub and major market for technological innovation. The latest results also point to Dubai's rapidly growing trading links with the world's fastest growing economies."
The emirate's foreign trade out of free zones was the biggest contributor to the increase in total trade in H1 2019 accounting for Dh287 billion (up 12 per cent year-on-year). Direct trade continued to be the largest contributor to total trade at Dh386 billion (one per cent). Customs warehouses trade accounted for Dh4 billion. 
All transfer modes witnessed increases in value in H1 2019. Air and sea trade accounted for 83 per cent of total trade.
Trade by land saw the highest increase at Dh114 billion (up 8 per cent), while air accounted for Dh311 billion (up 3 per cent), and sea trade recorded Dh252 billion (+6 per cent YoY).
Sultan bin Sulayem, DP World Group Chairman & CEO and Chairman of Ports, Customs and Free Zone Corporation (PCFC) said: "Undoubtedly these are challenging times. and despite this backdrop, Dubai has delivered non-oil trade growth of 5 per cent in the H1 2019 to Dh676 billion.The strong growth delivered by non-oil foreign trade is a healthy sign of how resilient and appealing the Dubai economy is." 
Bin Sulayem further pointed out that the PCFC and Dubai Customs are constantly innovating and developing customs processes with the use of smart, automated technology-based systems to enable traders to do business more efficiently while saving them time and cost.  
Asia biggest trade partner
While China remained the largest trading partner, there was a 20 per cent growth year-on-year in trade with India.
The top three trading countries by value remained the same as H1 2018 with the biggest trading partners being China, followed by India and the USA.
These contributed Dh71 billion (+4 per cent YoY), Dh67 billion (+20 per cent YoY) and Dh39 billion (-1 per cent YoY) respectively to the total value traded in H1 2019. 
Saudi Arabia maintained its position as Dubai's largest Arab and GCC trade partner and fourth globally with Dh27.7 billion. Switzerland came fifth at Dh26.5 billion worth of trade. 
The total value of gold, diamonds and jewellery traded through Dubai in H1 2019 totalled Dh180 billion, an increase of 3 per cent YoY. The telecom market (Dh79 billion) was the second highest contributor and trade in petroleum oils more than doubled from last year at Dh48 billion.  Motors accounted for Dh33 billion.


More news from Business