Thank you India? Dubai non-oil foreign trade hits a record high
Non-oil trade is vital to the long term strength of the UAE economy. (Image credit: Shutterstock)
Dubai’s non-oil foreign crossed the Dh1 trillion threshold during the first nine months in 2013, to reach a volume of Dh1.009 trillion by the end of the third quarter, compared to Dh918 billion for the same period in 2012 according to a report in Gulf News.
Dubai Customs statistics show that Dubai’s non-oil foreign trade growth was the result of the increase in imports up to the third quarter of 2013; reaching Dh610 billion, compared to Dh546 billion in the same period last year. In addition, exports and re-exports rose to Dh399 billion, compared to Dh372 billion.
Moreover, direct trade accounted for 64 per cent of Dubai foreign trade, as it reached Dh649 billion by the end of the third quarter of 2013, up from Dh595 billion for the same period in 2012. While free zones trade share stood for 35 per cent, that is, Dh348 billion, compared to Dh316 billion; customs warehouse trade hit Dh12 billion, up from Dh6 billion last year.
India ranked first on Dubai’s total non-oil foreign trade partner list; as trade volumes between them reached Dh111 billion, followed by China with Dh99 billion, then the USA with Dh65 billion.
While as far as imports are concerned, China topped the list of import partners with a share of 16 per cent that is equal to Dh96 billion, followed by the US with a share of 9 per cent amounting to Dh58 billion and India with 9 per cent, that is Dh55 billion.
India tops the list of Dubai’s trade partners with a share that accounted for 21 per cent or Dh24 billion, followed by Turkey with 13 per cent or Dh15 billion and Switzerland with 7 per cent, which is Dh8 billion.
As for re-exports; Saudi Arabia comes first with a share of 12 per cent, amounting to Dh33 billion, followed by India with 11 per cent or Dh32 billion, and Iraq with a share of 7 per cent or Dh20 billion.
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