Dubai's non-oil foreign trade crosses Dh1 trillion; India among top trading partners
Dubai - Dubai's non-oil foreign trade rises 6% in value in first nine months of 2019.
Dubai's non-oil foreign trade volumes surged to 83 million tonnes in the first nine months of 2019, an increase of 22 percent year-on-year from 68 million tonnes in the corresponding period last year.
The volume of re-exports skyrocketed 48 percent to reach 13 million tons. Exports rose by 47 per cent to 14 million tonnes while imports grew by 13 per cent to 56 million tonnes.
In terms of value, Dubai's external trade rose 6 per cent to exceed the trillion mark, reaching Dh1.02 trillion compared to Dh966 million in the same period in 2018.
Exports rose by 23 per cent to Dh118 billion, re-exports grew by 4 per cent to Dh312 billion, and imports rose 3 per cent to Dh589 billion.
Dubai achieved regular quarterly profits in 2019.
The third quarter saw the highest trade activity worth Dh343 billion, a growth of 7 per cent. The second quarter's trade activity witnessed 3 per cent growth to reach Dh337 billion while the first quarter's trade activity saw a 7 percent growth to reach Dh339 billion, compared to the same period in 2018.
"The strong performance of Dubai's foreign trade reflects the robust fundamentals of our economy and prepares us to take advantage of the new opportunities that will come in 2020 - the year that will mark a new push for transformational growth over the next 50 years," said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council.
"We are confident our external trade sector will continue its strong growth momentum. Government teams are going above and beyond to develop new initiatives that will fast-track our trade growth. These include the Dubai Silk Road project, which will enhance Dubai's position as a leading trade and logistics hub. We are working on a virtual trade zone, the first of its kind in the world, which will considerably boost the development of e-commerce regionally and globally. All our various achievements will also enable us to host an exceptional EXPO 2020 and accelerate our growth and progress beyond the event."
India among top trading partners
China remained Dubai's largest trading partner, contributing Dh109 billion, a 6 per cent increase. India was the second biggest trading partner, contributing Dh100 billion, a growth of 16 percent, followed by USA with Dh57 billion and Switzerland with Dh47 billion.
Saudi Arabia maintained its position as Dubai's largest Arab trade partner. The country was its fifth-biggest partner globally with Dh42 billion worth of trade.
The trade of gold contributed Dh129 billion, growing by 17 percent. The second-highest traded commodity by value was mobile phones which grew 7 percent to reach Dh119 billion.
Trade in petroleum oils reached Dh68 billion while diamonds accounted for Dh63 billion.
Dubai's foreign trade out of free zones was a big contributor to the overall increase, accounting for Dh439 billion, a 11 per cent (+Dh45bn) increase year-on-year.
Direct trade achieved 2 percent growth to reach Dh574 billion, a Dh10 billion rise from the first nine months of 2018.
Customs warehouse trade hit Dh6 billion, land trade grew by 11 percent contributing Dh169 billion, sea trade increased by 5 percent to Dh381 billion, and air trade rose by 4percent, accounting for Dh469 billion.
Commenting on the latest trade figures, Sultan bin Sulayem, DP World Group Chairman & CEO and Chairman of Ports, Customs and Free Zone Corporation said: "The strong growth delivered by non-oil foreign trade is a sign of how resilient the Dubai economy is. It also reflects Dubai's success in developing its manufacturing facilities."
"Dubai trade is agile and it has strong access to new markets thanks to its reliability and transparency. This helps us with our upcoming projects that will be delivered in 2020 - the year of preparation for the next 50 years, based on an advanced infrastructure and the best AI applications which are expected to immensely change and disrupt the nature and structure of trade in the coming few decades."
Bin Sulayem applauded the achievements of Dubai Customs in maintaining its leading position and delivering the best services to businesses and clients.