Dubai foreign trade up 3%
Imports take lion's share at Dh205b; China is top trading partner in Q1
Dubai's foreign trade increased by three per cent in Q1 2015, hitting Dh331 billion compared to Dh323 billion in the same period of 2014.
Official statistics show that imports accounted for the lion's share at Dh205 billion, while exports climbed to Dh32 billion and re-exports Dh94 billion. The growth is attributed to the emirate's heavy investment in infrastructure.
China was Dubai's top trade partner, with Dh47 billion worth of goods traded. India stood second with trade value totalling Dh24.7 billion. The USA followed with Dh19.5 billion and Saudi Arabia came in fourth with a trade value of Dh17.1 billion.
Sultan Ahmed bin Sulayem, chairman of DP World and chairman of Ports, Customs and Free Zone Corporation, said that Dubai has demonstrated the ability to withstand the impact of the global economic slowdown in major trading areas as well as the decline in oil prices and currency swings.
"The emirate's foreign trade is leveraged by its world-class infrastructure and the trading and customs services put in place to cater to the needs of traders and investors," he added.
International phone and IT hardware manufacturers and software developers who established their regional headquarters and distribution centres in Dubai are well positioned to take advantage of the facilities tailored to cater to their needs in a bid to encourage more trade in phones and IT equipment through the emirate, he added.
"Dubai boasts an extensive foreign trade network, primarily between markets in China and India and global markets in Europe, America and Africa, giving Asian investors a broad choice of potential global marketing outlets," bin Sulayem said.
Ahmed Mahboob Musabih, director of Dubai Customs, said Dubai's foreign trade growth reflects success in diversifying its local economic structure while comprehensively developing all economic sectors, with commerce and tourism taking the lead.
"We at Dubai Customs are keen on achieving the ambitious objectives of the Dubai Plan by stepping up our performance to a world-class level to get trade moving; a state to be achieved by harnessing creativity and innovation among our human capital and in the development and utilisation of the latest apps and technologies."
Musabih affirmed Dubai Custom's commitment to 2015 as the 'Year of Innovation'. "We have launched a range of new initiatives, including 'The Virtual Corridor', a venture designed to further streamline cargo movement between customs ports in Dubai."
A series of initiatives has been launched to ensure the optimal engagement of clients in developing customs services and facilitations, he said.
"Most recently, we introduced the new Smart Services Advisory Panel as one of our key projects, which comprises 34 companies representing all business sectors." This panel is aimed at developing innovative ideas in the field of Customs work in line with Dubai Customs and Dubai's smart strategies.