Dubai's non-oil trade hits Dh647b
17 per cent increase in total non-oil trade during the first six months of 2016 despite slowdown in global economy
Dubai recorded a remarkable 17 per cent year-on-year increase in total non-oil trade during the first six months of 2016 despite slowdown in global economy and lower commodity prices.
Dubai's non-oil foreign trade jumped to Dh647 billion during January to June period. Imports contributed the lion's share at Dh401 billion, while exports and re-exports accounted for Dh74 billion and Dh172 billion, respectively.
The Dubai Customs trade figures show that Dubai is progressing well in its plan to reduce reliance on oil revenues and move towards an economy that depends on foreign trade as well as other income sources.
China ranked Dubai's top trading partner with Dh79 billion bilateral trade. India came in second with Dh48 billion trade and the US followed closely with Dh43 billion trade volume.
The Kingdom of Saudi Arabia maintained Dubai's fourth top trading partner globally and first in the GCC and Arab regions with Dh27 billion trade. Germany got fifth spot with a 12 per cent increase in trade with a trade value of Dh24 billion. A substantial increase of 49 per cent in trade value was also recorded between Switzerland and Dubai, taking their two-way commerce to Dh23.7 billion.
Goods shipped by air topped the list with Dh300 billion, followed by Dh233 billion by sea and Dh113 billion of cargo value was carried by land.
Direct trade was the main component of Dubai's foreign trade during the first six months of 2016, standing at Dh420 billion. Free zones and customs warehouses contributed Dh211 billion and Dh16 billion, respectively.
As Dubai has already positioned itself as a leading global and regional IT trading hotspot, smart, mobile and fixed phones made up the biggest chunk of the commodities traded through Dubai's borders in the first half of 2016, with a total value of Dh84 billion, whilst computers amounted to Dh20 billion.
Automobiles had a Dh30 billion share of Dubai's foreign trade, which reflects the emirates' healthy automotive market. Petroleum oils worth of Dh21 billion were traded across Dubai during the first six months of this year.
". Dubai has wisely restructured and broadened its sources of revenue while taking considerable measures to stimulate growth in the affected sectors," DP World Group Chairman and CEO and Chairman of Ports, Customs and Free Zone Corporation, Sultan Ahmed bin Sulayem, said in a statement.
Dubai's growing tourism and travel industry, coupled with strong consumer purchasing power of local populations, continued to sustain foreign trade in precious metals and gemstones. Gold represented Dh75 billion of Dubai's total foreign trade. Diamonds reached Dh51 billion worth of trade, while jewelry was valued at Dh34 billion.
The Director of Dubai Customs, Ahmed Mahboob Musabih, expressed Dubai Customs commitment to tailoring new projects and initiatives that best respond to customers' expectations and make them happy.
"One of the most prominent initiatives targeting trade facilitation and growth is the Authorised Economic Operator (AEO) program, which offers numerous benefits to licensed AEOs. Back in 2015, we announced the Virtual Corridor initiative, which is currently being developed and, once implemented, will lead to a much smoother cargo movement within Dubai," Musabih explained.
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