Business & Economy

Dubai foreign trade hits $360bln, double WTO forecast

10 March, 2014

Dubai's rising growth in foreign trade reached a new peak for non-oil foreign trade of AED 1.329 trln (US$ 362 bln) last year, achieving an AED 94 bln (US$ 26 bln) increase from the 2012 value, which totalled AED 1.235 trln.
Dubai Crown Prince and Chairman of the Dubai Executive Council Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum praised the notable performance of the non-oil trade sector in Dubai, which echoes the ongoing growth of all sectors in Dubai and the UAE as a whole.
Sheikh Hamdan asserted that Dubai is taking huge leaps ahead with the announcement of the 'Smart Dubai' initiative, which aims to raise the bar in enhancing the overall performance of Dubai government sectors and boost the economic sector in particular. He called on leaders and executives in Dubai government sectors to leave no stone unturned in search for fresh opportunities to further strengthen performance and set Dubai as an international benchmark for development and prosperity in addition to its role as a key link in global trade routes.
Foreign trade has kept up with Dubai's new economic surge, based on a wider diversity of growth, where various economic sectors contribute with convergent rates, as foreign trade hit a growth rate that exceeds twice WTO's forecasted 2.5% global trade growth.
"We are set to develop and implement a creative work strategy that is able to keep pace with a stage where Dubai embarks on a more prominent role in the global economy, by means of developing the emirate's ability to efficiently link with regional and international markets. Building on its advanced infrastructure and increasing competitive advantages, the emirate will serve as gateway to markets that virtually extend across the world," said Ahmed Butti, Executive Chairman of Ports, Customs and Free Zone Corporation and Director General of Dubai Customs.
"In line with Dubai's pivotal role in global trade, we work to develop Dubai Customs' array of services so as to respond efficiently to the global market expansion. Dubai foreign trade growth of 8% reflects the emirate's capability to enhance its trade dealings at all levels. The emirate's imports saw an increase of AED 74 bln, while exports and re-exports increased by AED 20 bln."
Furthermore, Dubai's direct trade with the outer world rose to AED 846 bln, up from AED 808 bln. Dubai free zones trade volume recorded AED 467 bln, compared to AED 417 bln. Customs warehouse trade went up from AED 10 bln to AED 16 bln.
India tops Dubai's major trade partners with a total trade volume of AED 137 bln for a 10% share. China comes second with a value of AED 135 bln and 10%. The US is third with AED 86 bln, or 6% share, Saudi Arabia rose to fourth position with a total share of 4% amounting to AED 56 bln, and the UK with a total share of approximately 4% accounting for AED 54 bln.
In imports, China leads the list of trading partners followed by the US then India. As for re-exports, Saudi Arabia is first, followed by India then Iraq. India, Turkey and Switzerland are respectively the leading partners of Dubai in terms of exports.