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Dubai records Dhs551bn non-oil external trade in H1 2020

Dubai records Dhs551bn non-oil external trade in H1 2020

China remained Dubai’s largest trading partner with Dhs66.4bn worth of trade

Dubai

Dubai reported Dhs551bn worth of non-oil external trade in the first half of 2020, down nearly 18.5 per cent compared to Dhs676bn it recorded in the corresponding period in 2019.

China remained Dubai’s largest trading partner with Dhs66.4bn worth of trade.

India came in second with Dhs38.5bn, followed by the US at Dhs31.7bn and Switzerland at Dhs24.3bn.

Saudi Arabia was Dubai’s largest Gulf and Arab trading partner, and its fifth largest global trading partner after Switzerland with trade valued at Dhs24.1bn.

Imports accounted for Dhs320bn, exports were recorded at Dhs77bn, and re-exports at Dhs154bn.

Overall, 44 million tonnes of goods were traded through Dubai including 30 million tonnes of imports, 8 million tonnes of exports and 6 million tonnes of re-exports.

In May, the emirate’s external trade increased by 17.2 per cent compared to the previous month to reach Dhs75bn, and grew another 20 per cent in June to Dhs90bn.

Meanwhile airborne trade accounted for Dhs250bn, accounting for 45 per cent of total trade.

Trade via the sea route totaled Dhs212bn (39 per cent), while land trade amounted to Dhs89bn (16 per cent).

Dubai’s direct trade during H1 20200 was Dhs320bn, representing 58 per cent of its external trade.

There was Dhs227bn (41 per cent) of trade through free zones, while customs warehouse trade totaled for Dhs4bn (1 per cent).

Gold, diamonds and jewellery were the highest traded commodities at Dhs140bn, followed by telecoms at Dhs70bn, and motors at Dhs25.6bn.

Petroleum oils came fourth in the list with Dhs21bn, followed by computers at Dhs19bn.

Food trade grew 15 per cent to 9.1 million tons compared to the first half of 2019 with a value of Dhs32bn. Trade in medical supplies and medicines grew 19 per cent to Dhs12.4bn compared to H1 2019.

Read: Dubai’s external food trade valued at Dhs32bn in H1 2020

“Despite the crisis, customs transactions processed by Dubai Customs surged 41 per cent in H1 2020 to reach 7.2 million transactions. Dubai Customs continued to develop and launch new initiatives. These included Siyaj (Fence), the first integrated 24/7 control system in the world created to manage Dubai’s different ports, especially Creek Port and Hamriya Port. Dubai Customs also launched the Cross Border e-Commerce Platform to encourage e-commerce companies to set up their businesses in Dubai,” said Ahmed Mahboob Musabih, director general of Dubai Customs.

With regards to e-commerce, Dubai dispatched 4.3 million e-commerce parcels in H1 2020, with transactions up 150 per cent compared to the corresponding period last year.

“Dubai’s external trade sector has shown a high level of preparedness in dealing with the crisis. During the pandemic, Dubai launched several stimulus packages under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to support the emirate’s business sector and reduce the impact of prevailing global economic conditions. The economy has efficiently navigated the turbulence in international markets by forging partnerships with markets less affected by the economic crisis,” said Sultan bin Sulayem, DP World group chairman and CEO and chairman of Ports, Customs and Free Zone Corporation.

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