Dubai’s trade reaches Dh1.1
Dubai's foreign trade grew 22 per cent to Dh1.1 trillion last year over 2010, according to Dubai Customs. This is the first time it has crossed the Dh1 trillion mark.
The value of direct trade jumped to Dh700 billion last year from Dh576 billion in 2010, while trade through free zones increased by 19 per cent to Dh383 billion, compared to Dh323 billion in 2010. Trade through customs warehouses grew 64 per cent to Dh5.6 billion last year, compared to Dh3.4 billion in 2010.
Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Dubai Crown Prince, said that this reflects the national economy's strength and resilience, as well as the policies adopted by national financial institutions which overcame the global financial crisis, thanks to the wise directives of the UAE leadership.
He attributed the unprecedented growth of Dubai's trade to a host of factors, most notably the policy of openness to global markets, the quality and competitiveness of national products, the growth of purchasing power, quality of services and facilities provided to investors and businessmen by the competent authorities.
Ahmad Butti Ahmad, Executive Chairman of Ports, Customs and Free Zone Cooperation and the Director General of Dubai Customs, said: "Dubai's competitiveness and the openness in trade, coupled with the growth in purchasing power, as well as the better quality of national products have all contributed to this remarkable growth."
Imports rose 21 per cent to Dh442 billion, compared to Dh364 billion in 2010 while exports jumped 44 per cent to Dh98 billion from Dh68 billion. Re-exports grew 18 per cent to Dh161 billion from Dh144 billion.
India was Dubai's top trading partner. Trade with India accounted for nearly a fifth — 19 per cent — of Dubai's foreign trade at Dh206 billion followed by China at Dh100 billion, the US at Dh54 billion, Japan at Dh28 billion and Germany with Dh26 billion. Dubai's direct trade with GCC countries grew 28 per cent to Dh28.4 billion, over Dh22.2 billion in 2010.
Hamad Bu Amim, Director-General of the Dubai Chamber of Commerce and Industry, said the results were encouraging and pointed to the continued strength of Dubai's economy while enhancing its position as a thriving investment destination.
- No sun on MENA's economic horizon? How today's political turmoil is crushing region's future edge in the global economy
- Why Egypt's army is bad at doing business
- Saudi Arabia's mass deportations reveal the horrifying reality awaiting Yemenis sent home
- Wiil they now be blamed for 'child unemployment'? Syrian minors now constitute majority of Jordan's working children
- Is MENA up to meeting the demand of creating 40 million new jobs?