Dubai foreign trade hits AED 1 trillionStaff writer ▼ | December 9, 2013
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council expressed satisfaction over the strong results and the steady increase in the volume of Dubai's foreign trade exchanges, considering the achievement a solid evidence of the effectiveness of the Emirate's economic policies.
Sheikh Hamdan said, "Trade is one of the key pillars in the overall structure of our local economy and a main driver for its growth. We look at the rising curve in trade volumes as an indicator of the success of our developmental strategies. With the UAE voted the host nation of the World Expo 2020 in Dubai, the trade sector will undoubtedly witness tremendous growth over the coming few years up to the beginning of the next decade."
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 AED 610 billion, as compared to AED 546 billion in the same period last year. In addition, exports and re-exports rose to AED 399 billion, compared to AED 372 billion.
Moreover, direct trade accounted for 64 percent of Dubai foreign trade, as it reached AED 649 billion by the end of Q3 2013, up from AED 595 billion for the same period in 2012. While free zones trade share stood for 35 percent, that is, AED 348 billion, compared to AED 316 billion; customs warehouse trade hit AED 12 billion, up from AED 6 billion last year.
India ranked first on Dubai's total non-oil foreign trade partner list; as trade volumes between them reached AED 111 billion, followed by China with AED 99 billion, then the USA with AED 65 billion.
While as far as imports are concerned, China topped the list of import partners with a share of 16 percent that is equal to AED 96 billion, followed by the USA with a share of 9 percent amounting to AED 58 billion and later India with 9 percent that is equal to AED 55 billion.
Speaking of exports, India came at the forefront of Dubai's trade partners with a share that accounted for 21 percent; that is equal to AED 24 billion, followed by Turkey with 13 percent and AED 15 billion and Switzerland with 7 percent that is equal to AED 8 billion.
As for re-exports; Saudi Arabia comes first with a share of 12 percent amounting to AED 33 billion, followed by India with 11 percent that is equal to AED 32 billion, then Iraq with a share of 7 percent and AED 20 billion.
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 came 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, then computers and hardware, then petroleum oils followed by normal and sports cars. ■