Non-oil trade hits Dh1.23t

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Non-oil trade hits Dh1.23t

Driven by a big surge in exports, Dubai’s non-oil foreign trade jumped 13 per cent in 2012 to Dh1.235 trillion compared with Dh1.089 trillion in 2011, figures released by Dubai Customs show.

By Issac John

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Published: Tue 26 Mar 2013, 11:26 PM

Last updated: Sat 4 Apr 2015, 9:45 AM

Dubai’s exports recorded a 47 per cent surge in value to reach Dh163 billion, imports rose 12 per cent to Dh737 billion and re-exports grew five per cent to Dh334 billion in 2012.

Direct trade constituted about 65 per cent of Dubai’s total non-oil foreign trade valued at Dh808 billion, while free zones accounted for 34 per cent worth Dh417 billion and customs warehouses trade recorded Dh10 billion, representing one per cent of the total non-oil foreign trade. In 2012, Dubai’s trade with GCC countries grew by 28 per cent to Dh95 billion. Trade with Arab countries witnessed a growth by 26 per cent to Dh196 billion with all Arab countries.

Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, said trade still remained a basic pillar of Dubai’s economic foundation as the emirate continued to diversify and expand its economic base.

He said Dubai’s business sector is the main driving force behind the emirate’s move to bolster its position as the capital of the global Islamic economy. Shaikh Hamdan said he was impressed by the steady growth in foreign trade.

He said the support given by the government to the business sector and Dubai’s excellent international relations and economic cooperation with the rest of the world, in addition to the emirate’s superb infrastructure, are key factors contributing to the impressive growth of foreign trade.

Ahmed Butti Ahmed, executive chairman of Ports, Customs and Free Zone Corporation, and director-general of Dubai Customs, said Dubai’s trade exchanges through air, sea and land transport continued to record strong growth. Trade through air grew to Dh628 billion, by sea Dh 442 billion and through land transportation Dh165 billion.

“This steady growth of Dubai’s foreign trade reflects the emirate’s role as a regional and global hub for trade, transport and logistics, underpinned by huge investments in infrastructure, including state-of-the-art seaports and airports that enable smooth and swift trade flow,” he said.

“Dubai Customs supports the emirate’s all-round economic growth by constantly improving efficiency of its services delivered to traders and customers, enabling them to clear their goods fast. Initiatives taken to enhance our performance helped Dubai Customs being honoured as a role model in the local, regional and international levels.”

“Dubai Customs places all its potential at this stage to support the country’s bid to host the 2020 World Expo in Dubai, joining hands with all federal and local organisations to serve this purpose, as Dubai has proven over the years that it can host major conventions and worldwide exhibitions successfully,” he said.

Among Dubai trade partners, China has topped the list in imports, accounting for a share of 15 per cent of Dubai’s total imports valued at Dh111 billion, followed by the US with imports valued at Dh69 billion that represents 9.33 per cent of the total imports of Dubai, and India with imports amounting to Dh68 billion representing a share of 9.28 per cent.

Dubai’s trade with Iran plunged by a third in 2012 to Dh25 billion from Dh36 billion in 2011. A sharp depreciation of the Iranian currency, which lost more than half its value against the US dollar last year, hurt business, Ahmed said at a news conference. He said merchandise trade with Iran now represented about two percent of Dubai’s overall trade.

Switzerland came first among Dubai export destinations, with 34 per cent of the total, amounting to Dh56 billion. India came in second with exports worth Dh32 billion that represents 20 per cent of total Dubai exports. Turkey came in third with goods worth of Dh10 billion, representing six per cent.

In re-exports, India topped with a value of Dh51 billion, representing 15 per cent of the total, followed by Saudi Arabia with Dh3 billion representing 10 per cent of the trade. Iraq is in third place with a share of 7.3 per cent, amounting to Dh24 billion.

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