Dubai's still got what it takes: trade tops Dh1 trillion in 2014

Dubai's still got what it takes: trade tops Dh1 trillion in 2014
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Published December 28th, 2014 - 04:54 GMT via SyndiGate.info

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Rising trade value shows that Dubai will cross the 2013 reported trade figures of Dh1.3 trillion in 2014
Rising trade value shows that Dubai will cross the 2013 reported trade figures of Dh1.3 trillion in 2014
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Dubai’s non-oil foreign trade witnessed steady growth during the first nine months of 2014 with nearly Dh1 trillion mark and set to cross last year’s trade value by the end of 2014, according to the data released by Dubai Customs on Saturday.

The emirate’s trade continued upward trend since the first quarter value of Dh323 billion. Second quarter trade was Dh331 billion and third quarter trade was Dh334 billion, according to the data compiled by Khaleej Times.

Rising trade value shows that Dubai will cross the 2013 reported trade figures of Dh1.3 trillion in 2014. Last year, Asia topped the trading list with Dh632 billion. Among Asian countries India was on top with Dh137 billion two-way trade last year.

This year, China emerged as top trading partner of Dubai since the first quarter. India ranked second for the January to September period. Phones topped in non-oil trade for the same period followed by motor vehicles.

Figures show that Dubai’s non-oil foreign trade in the first three quarters of 2014 totalled Dh988 billion, with imports having the biggest share at Dh621 billion, exports at Dh86 billion and re-exports Dh280 billion. The impressive figures come at a time when the World Bank stated that prices of commodities are seeing a steep drop in 2014.

Sultan Ahmed bin Sulayem, chairman of DP World and chairman of Ports, Customs, and Free Zone, said Dubai’s foreign trade scored steady growth in the first nine months of 2014 with top trading partners.

“China was Dubai’s top foreign trade partner during the first nine months of the year, with a trade value of Dh126 billion, up 27 per cent on the same period as last year, followed by India with Dh80 billion, the USA with Dh61 billion, and Saudi Arabia positioned fourth globally and first among Arab countries with Dh40 billion. Dubai-Germany trade was up 25 per cent scoring Dh32.5 billion, while trading with Japan grew 13 per cent with a value of Dh31 billion,” Bin Sulayem said.

From January to September 2014, direct trade contributed Dh605 billion of Dubai’s total foreign trade value, while free zones contributed Dh367 billion, and the customs warehouses Dh16 billion.

Ahmed Mahboob Musabih, director of Dubai Customs, said Dubai’s trade statistics for the first nine months of 2014 clearly show the emirate’s solid foothold as a regional and international trading and investment hub, as it maintained a high value despite the global decline in commodity prices. “This reflects Dubai’s trading capability to increase the volume of foreign trade, including imports, exports and re-exports, to compensate for any drop in prices. In the first nine months of 2014, Dubai’s foreign trade neared Dh1 trillion, which further reinforces the diversity of the national economy structure.”

Phones topped other commodities in Dubai’s non-oil foreign trade. Trading in phones recorded an eight per cent growth, amounting to Dh129.4 billion.

Meanwhile, Dubai’s trade of motor vehicles and individual-use cars, including station wagons and racing cars, climbed 31 per cent to score Dh48.6 billion. On the other hand, computers recorded a 10 per cent growth at Dh40 billion, and petroleum oils grew 12 per cent and amounted to Dh30.5 billion.

Dubai’s foreign trade markets expanded to include partners’ from the five continents, spearheaded by Asia with a trade value of Dh610 billion, followed by Europe with Dh198 billion, then Africa with Dh89 billion, Dh72 billion trade volume with North America and Dh10 billion with South America, and Dh8 billion for Oceania — including Australia.

Copyright © 2014 Khaleej Times. All Rights Reserved.

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