Dubai’s non-oil foreign trade at AED 952 billion in first nine months of 2016
Dubai saw a 11 per cent surge in the total volume of traded goods in the first nine months of 2016, rising as high as 70.82 million tons of commodities. Imports had the lion’s share at AED 594 billion (46.81 million tons and 12% increase), while exports and re-exports accounted for AED 109 billion (11.84 million tons and 8% increase) and AED 249 billion (12.17 million tons and 10.5% increase), respectively. This pushes the total value of Dubai’s trade up to AED 952 billion.
“To offset the impact of the general slowdown in world economy, lower commodity prices and the slump in oil prices, Dubai has wisely restructured and broadened its sources of revenue while taking considerable measures to stimulate growth in the affected sectors,” said DP World Group Chairman and CEO and Chairman of Ports, Customs and Free Zone Corporation, Sultan Ahmed Bin Sulayem.
Dubai, according to Bin Sulayem, has early on realised that attracting foreign investments is a necessary must-do step. To maintain Dubai’s business appeal, an advanced trade infrastructure, convenient government services at seaports and airports, a well-established legislative structure and a unique public-private partnership were all in place.
“We are moving steadily towards the achievement of UAE Vision 2021 and Dubai Plan 2021, and working hard to maintain and raise the profile of Dubai as a regional and international trade hub following the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai” bin Sulayem added.
Ahmed Mahboob Musabih, Director of Dubai Customs said that Dubai Customs was the first to introduce many advanced systems and programs in support of Dubai’s efforts to host Dubai Expo 2020.
“We are offering a plethora of facilities and advanced services to traders and investors that will make their business with Dubai a memorable experience. For example, the AEO programme successfully took off and continues to be implemented across the UAE under the aegis of the Federal Customs Authority. The new economic scheme follows the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, towards boosting the performance of the UAE’s foreign trade to better secure the UAE’s post-oil future. The AEO programme will create seamless commercial links between the UAE and the rest of the world” he added.
Mobile phones topped the list of high-value commodities in Dubai’s foreign trade in the first 9 months of this year with AED 124 billion worth of trade, and computers at AED 30 billion. This supports Dubai’s transformation into the world’s smartest city and its growth as one of the region’s and the world’s major trading hub for smart ICT products.
Next on the list was gold with AED 116 billion worth of trade, followed by diamonds at AED 73 billion, and jewelry at AED 46 billion.
On the other hand, Dubai’s foreign trade in automobiles in the first 9 months of 2016 stood at AED 44 billion, and the value of petroleum oils reached AED 30 billion.
With a bilateral trade worth AED 120.8 billion, China was — by far — Dubai’s primary trading partner in the first 9 months of 2016. India came in second with bilateral trade at AED 70.4 billion. The USA followed with AED 64 billion trade value, which means a 6% increase compared to the first 9 months of 2015.
Once again, the Kingdom of Saudi Arabia was Dubai’s fourth top trading partner globally and first in the GCC and Arab regions, at AED 39.4 billion. Moreover, a substantial increase of 64 per cent in trade value was recorded between Switzerland and Dubai, taking their two-way commerce to AED 36 billion.