Dubai’s non-oil trade with Latin America reached Dh17 billion ($4.628 billion) in value in 2015, according to a recent study conducted by the Dubai Chamber of Commerce and Industry (DCCI).
The study was done in the run-up to the Global Business Forum (GBF) on Latin America taking place on November 9 and 10 at Atlantis, The Palm, in Dubai, UAE.
The trade figure shows a growth of 26 per cent when compared with the Dh13.5 billion traded in 2010. The report goes on to project continued growth in trade until 2018, buoyed by the increasing demand in the UAE, on the one hand, and Latin America, on the other.
The study indicates that Brazil tops the list of Dubai’s trade partners in Latin America with the non-oil trade between the two parties accounting for 67 per cent of the emirate’s total exports and imports from the region.
Dubai’s cane sugar imports from Brazil, for instance, reached Dh1.9 billion in value, followed by gold – including plated with platinum, raw, semi-manufactured, or powder forms – at Dh1 billion.
Meanwhile, Mexico ranked as Dubai’s second-largest non-oil trade partner in Latin America, with the emirate’s mobile device imports alone reaching approximately Dh1.3 billion in value, while the total value of imports of Mexican gold – also including plated with platinum, raw, semi-manufactured, or powder forms – reached Dh381 million.
According to the study, Dubai’s re-exports to Mexico of parts for use with lifting and moving machinery reached Dh53 million in value, while re-exports of electricity generating sets and rotary converters to Brazil, were valued at Dh50 million.
Hamad Buamim, president and CEO, Dubai Chamber of Commerce and Industry, said: “Despite the instability unfolding in the global economy – accompanied with dwindling demand – Dubai has succeeded in attracting global capital, which stands to develop the economy, and cement Dubai’s position as a secure business destination, offering an ideal environment for business and entrepreneurship.”
The Global Business Forum on Latin America 2016 will bear the theme “Shifting Synergies”. The Forum is part of a series of business events the chamber has been organising since 2012 to explore new business opportunities in key emerging markets around the world.
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