Business & Economy

Dubai foreign trade hits $270 bln

27 December, 2013

Dubai's non-oil foreign trade managed to cross the Dhs 1 trln (US$ 270 bln) threshold within nine months in 2013, to reach a volume of Dhs 1.009 trln by the end of Q3, compared to Dhs 918 bln for the same period in 2012.
Dubai Customs statistics show that Dubai's non-oil foreign trade growth was the result of the increase in imports till Q3 of 2013; reaching Dhs 610 bln, as compared to Dhs 546 bln in the same period last year. In addition, exports and re-exports rose to Dhs 399 bln, compared to Dhs 372 bln.
"The fast-paced growth of Dubai's non-oil trade reflects the emirate's strong economic performance, reinforced by the massive achievements led by Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-President, Prime Minister and Ruler of Dubai," said Ahmed Butti Ahmed, Executive Chairman of Ports, Customs and Free Zone Corporation and Director General of Dubai Customs. "A series of future projects that are set to take Dubai further on the route to knowledge economy, most notably the 'Dubai Smart City' Project and the Smart Government Initiative, has promising prospects that the next seven years are critical to realising the UAE vision of becoming a major economic player in the world," Butti added.
Moreover, direct trade accounted for 64% of Dubai foreign trade, as it reached Dhs 649 bln by the end of Q3 2013, up from Dhs 595 bln for the same period in 2012. While free zones trade share stood for 35%, that is, Dhs 348 bln, compared to Dhs 316 bln; customs warehouse trade hit Dhs 12 bln, up from Dhs 6 bln last year.
India ranked first on Dubai's total non-oil foreign trade partner list; as trade volumes between them reached Dhs 111 bln, followed by China with Dhs 99 bln, then the USA with Dhs 65 bln.
While as far as imports are concerned, China topped the list of import partners with a share of 16% that is equal to Dhs 96 bln, followed by the USA with a share of 9% amounting to Dhs 58 bln and later India with 9% that is equal to Dhs 55 bln.
India was at the forefront of Dubai's trade partners with a share that accounted for 21%; that is equal to Dhs 24 bln, followed by Turkey with 13% and Dhs 15 bln and Switzerland with 7% that is equal to Dhs 8 bln.
As for re-exports, Saudi Arabia is first with a share of 12% amounting to Dhs 33 bln, followed by India with 11% that is equal to Dhs 32 bln, then Iraq with a share of 7% and Dhs 20 bln.
Till the end of Q3 2013, gold represented the larger share of Dubai's imports, followed by cellular and wired communication devices, then diamond, normal and sports cars, then various jewellery types and pieces.
As for exports, gold was first, followed by raw aluminium, then petroleum oils, jewellery types and pieces, followed by cigars, cigarettes and tobacco alternatives.
When it comes to re-exports; cellular and wired communication devices topped the list followed by unprocessed diamond, computers and hardware, petroleum oils followed by normal and sports cars.