Dubai direct trade with world reaches AED 289 billion in 5 months
Dubai trade with the world maintained high rates of growth during the first five months of the current year as the total direct trade exchange reached over AED 289 billion with an increase rate of 27 percent as compared to the same period of 2010 where value of trade exchanges were worth AED 228 billion.
Statistics issued by Dubai Customs on the first five months of 2011 shows growth in all sectors of direct trade between Dubai and the rest of the world which included exports, imports and re-exports. Likewise, Free Zones trade scored a boost by 25 percent of over AED 160 billion as opposed to AED 128 billion in the same period last year. In addition, the Customs Warehouse business attained record growth by 58 percent approximate to AED 91 billion as compared to the 21 billion scored last year. Thus, the total of Dubai trade rates, which include direct trade, free zones and customs warehouses, jumped into AED 452 billion compared to the AED 358 billion with a growth rate of 26 percent.
Ahmed Butti Ahmed, Executive Chairman of Ports, Customs and Free Zone Corporation and Dubai Customs Director General stated that the increasing growth witnessed in Dubai trade with the world reinstates the strength and firmness of the UAE's economy. "this is attributed to the economic diversity Dubai enjoys as well as the remarkable status it takes being a key business hub.
Dubai direct trade with the world during the first five months of this year scored record rates if we look back at the same periods of the past five years. This reflects that Dubai has already overcome the financial crisis which stormed the international markets and still do" he said. He further noted that the statistical indicators issued for Dubai direct trade during January May 2011 period demonstrated a major growth in the exports movement by 36 percent amounting to AED 436 billion as opposed to AED 726 billion on the same period last year. As for the re-exporting sector, it grew by 33 percent reaching AED 274 billion as compared to AED 855 billion.
Imports went up by 23 percent reaching AED 8178 billion compared to AED 6145 billion for the same period of 2010. Ahmed Butti believes that these indicators highlight an economic sustainable growth in Dubai and a clear emphasis on the productive value added sectors manifested in the highly developed infrastructure and the advanced set of legislations which create equal and competitive opportunities for the business community " Dubai s economic policies are distinctive and its economic legislations and systems meet top international standards and practices" he added.
As per the issued statistics by Dubai Customs, India gained the biggest share of Dubai direct trade with the world with a total trade exchange of over AED 87 billion between both countries during the first five months of 2011 forming 30 percent of the total rate of Dubai trade. Ahmed Butti stressed India s significance being the first trade partner and he believes that business movement between the two countries can achieve even more gains in the upcoming period taking into account the promising opportunities the economies of both sides have. He pointed out as well that India topped the rest of the countries whether in imports which reached AED 341 billion, exports which exceeded AED 16 billion or/and the re-exporting processes whose value was around AED 30 billion. China came second place in terms of imports with a value of AED 518 billion, followed by the USA with a value of AED 113 billion. As for the exports list, Switzerland came second place with value of AED 72 billion, followed by Saudi Arabia with exports worth AED 71 billion during the first five months of 2011.
Rough and manufactured diamonds are the number one goods of Dubai imports with a value of around AED 31 billion. Gold ore came second with over AED 529 billion, followed by jewelry and its accessories and precious metals with a value of over AED 110 billion, and cars and spare-parts with more than AED 77 billion. Whereas in the Dubai export list to the world gold came at the top with over AED 22 billion, followed by petroleum oil and those extracted from bituminous minerals with a value of AED 51 billion. Diamonds topped the re-exporting list during the first five months with over AED 233 billion, cars and spare-parts came second place with a value of AED 753 and then jewelry and precious metals with a value of AED 13 billion.
- The best way to ask for a raise or a promotion...and, God forbid, handle a 'no'
- Syria's children search for livelihood amidst Lebanon's graves
- Arab Thought Foundation's strategy to create 80 million jobs in the Middle East
- Let's just say nshallah! Egypt's back in business, says new survey
- Why Emiratisation, or any other GCC employment nationalization strategy, just doesn't work