Dubai’s non-oil trade reached Dh1.329 trillion in 2013

Dubai’s non-oil trade reached Dh1.329 trillion in 2013
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Published March 10th, 2014 - 07:08 GMT via SyndiGate.info

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Direct trade accounted for 64 per cent of Dubai foreign trade, as it reached Dh846 billion in 2013
Direct trade accounted for 64 per cent of Dubai foreign trade, as it reached Dh846 billion in 2013

Dubai’s non-oil foreign trade reached Dh1.329 trillion in 2013, an eight per cent increase over Dh94 billion over 2012, Dubai Customs Authority announced on Sunday.

Dubai’s imports increased from Dh736 billion in 2012 to Dh811 billion in 2013, while export and re-exports increased form Dh498 billion in 2013 to Dh518 billion in 2013.

Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of the Dubai Executive Council, tweeted the news.

Direct trade accounted for 64 per cent of Dubai foreign trade, as it reached Dh846 billion in 2013, up from Dh808 billion in 2012. Free zones trade’s share stood at 35 per cent, equal to Dh467 billion, compared to Dh417 billion in 2012; customs warehouse trade hit Dh16 billion, up from Dh10 billion in 2012.

Ahmad Butti Ahmad, Executive chairman of Ports, Customs and Free Zone Corporation and Director General of Dubai Customs, said that the Dubai’s foreign trade growth reflects the emirate’s capability to enhance its trade by developing an efficient link with regional and international markets.

It is not only logistic, services, facilities or the ease of doing businesses are only behind the Dubai perfromance, said Irfan Al Hassani, UAE based economist.

“The economic diversification, stability as well as government’s strategy to boost the emirates economy were all together behind this remarkable growth.”

Trade partner

India tops the list of Dubai’s trade partners with 10 per cent of total trade equal to Dh137 billion, followed by China with 10 per cent (Dh135 billion). The USA comes in third place with six per cent, or Dh86 billion. Saudi Arabia jump to the fourth position with a share of four per cent, amounting to Dh56 billion, followed by UK with four per cent or Dh54 billion, and Iraq with a share of 7 per cent or Dh20 billion

China comes first followed by USA and India in import. As for re-exports, Saudi Arabia comes first followed by India and Iraq.

India, Turkey and Switzerland are respectively the leading partners for Dubai in terms of exports.

Abdul Hameed Radwan, a UAE-based Economist, told Gulf News that Dubai play a major role in global trade and it is expected to conserve this pace of growth in the coming years and for many reasons.

“Trade is one of main pillar in the economic structure of the emirate and the government is constantly building its strategies relying on increasing its trade volume.”

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