Dubai trade up 13% in 2012
Dubai: Dubai non-oil foreign trade surged by 13 per cent in 2012 to Dh1.235 trillion compared with Dh1.089 trillion in 2011 as a result of increase in exports value by 47 per cent to Dh163 billion and rise in imports by 12 per cent to Dh737 billion while re-export trade registered a growth by 5 per cent to Dh334 billion.
“As the Emirate continues to diversify and expand its economic base, trade upholds it position as a basic pillar of Dubai’s economic system. While Dubai’s trend of bolstering its position as the world’s capital for Islamic finance, the trade sector is growing to be a mainstream of this approach; particularly, if we consider the great opportunities in the emerging markets of the Islamic world,” Shaikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, said in a statement.
Shaikh Hamdan expressed his satisfaction over the fruitful outcome in the domain of business and trade sectors, especially in foreign trade.
According to Dubai Ports, Customs and Free Zone Corporation, Dubai’s non-oil trade reported strong growth in 2012. “Direct trade constituted about 65 per cent of Dubai`s total non-oil foreign trade amounting to Dh808 billion, while free zones made up 34 per cent worth of Dh417 billion and customs warehouses trade recorded Dh10 billion,” said Ahmad Butti Ahmad, Executive Chairman of Ports, Customs and Free Zone corporation, and Director General of Dubai Customs.
Trade exchange continued to grow through all transport modes. Trade through air cargo amounted to Dh628 billion, sea shipping Dh442 billion and land transportation Dh165 billion.
China has topped the list of major trading partners of Dubai in view of imports, with a share of 15 per cent valued at Dh111 billion, followed by the USA with imports reaching Dh69 billion that represent 9.33 per cent of the total Imports of Dubai, then India with imports amounting to Dh68 billion, representing a share of 9.28 per cent.
Switzerland came first among Dubai trade partners in regard of exports, with 34 per cent share of the total, amounting to Dh56 billion. India came second with exports amounting to Dh32 billion that represent 20 per cent. In re-export, India tops the list with products valued at Dh51 billion, representing 15 per cent of the total, followed by the KSA with Dh 33 billion that represent 10 per cent of this trade.
Trade with Arab countries witnessed a growth by 26 per cent amounting to Dh196 billion with all Arab countries. Dubai’s trade with GCC countries generated Dh95 billion, 28 per cent increase compared to the same in 2011.
Raw and semi-manufactured gold continued to top the list of Dubai’s imports with a share of 18 per cent of the total Dubai imports.
In exports, gold lead with a value of Dh104 billion representing 64 per cent of the total exports, followed by raw aluminum exports, which amounted to Dh5 billion. In re-exports telephones came in the first place with a value of Dh50 billion representing 15 per cent, followed by diamonds with a value of Dh46 billion.
- Frozen: Arab Spring economies barely trading with one another
- China-Pakistan economic corridor: a game-changer for the Middle East?
- Suspended tax transfers pushed Palestinian economy to the brink
- Egypt passed the economic conference with flying colours, but what's next?
- Why the GCC really needs a VAT tax