Dubai – Masaader News
Dubai made a non-oil foreign trade of AED 676 billion in the first half of 2019, an increase of 5% year-on-year from AED 644 billion in the corresponding half last year. The first-half figures, which represent a staggering growth of 87% from 2009, reflect the ability of the emirate’s trade sector to raise its strength and competitiveness despite a challenging global trade environment.
Exports registered the highest rise at 17% to reach AED 76 billion while re-exports were up 3% at AED 210 billion and imports grew 4% at AED 390 billion.
Dubai’s non-oil foreign trade volumes surged 31% year-on-year in the first half of 2019. Data released by Dubai Customs showed that the total volume of the emirate’s foreign trade reached 56 million tonnes; a record jump from 43 million tonnes registered in H1 last year. Exports rose by 46% to 10 million tonnes, re-exports were up 39% to 9 million tonnes and imports increased 26% to reach 38 million tonnes.
Commenting on the non-oil foreign trade growth, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai said: “The strong performance of Dubai’s foreign trade reflects the robust fundamentals of our economy and our ability to generate fresh growth opportunities even in an adverse global environment. Dubai’s ability to maintain high levels of trade growth is a tribute to the vision and planning of its leaders who sought to drive economic diversification at an early stage and create a hard and soft infrastructure that empowers growth. Dubai has constantly worked to introduce innovative policies and services that facilitate global trade through Dubai, in the process, transforming itself into one of the world’s foremost trading hubs. Dubai’s flexibility, ability to adapt to change and its responsiveness to the needs of businesses and investors have made it a model for sustainable growth.”
“The diversified profile of Dubai’s foreign trade reflects not only its strengths in traditional sectors but also its emergence as a hub and major market for technological innovation. The latest results also point to Dubai’s rapidly growing trading links with the world’s fastest growing economies. As the Dubai Silk Road project begins to take shape, the outlook for the emirate’s foreign trade is set to get even better,” He added.
The emirate’s foreign trade out of free zones was the biggest contributor to the increase in total trade in H1 2019 accounting for AED 287 billion (+12% YoY). Direct trade continued to be the largest contributor to total trade at AED 386 billion (+1% YoY). Customs warehouses trade accounted for AED 4 billion.