Dubai’s non-oil external trade reached Dhs1.182 trillion in 2020

Dubai’s non-oil foreign trade reached Dhs1.182 trillion in 2020.

Its total trade volume in 2020 reached 100 million tonnes, driven by a 6 per cent year-on-year volume growth in the second half of the year.

Overall value of exports in 2020 grew 8 per cent to Dhs167bn, while imports accounted for Dhs686bn and re-exports totalled Dhs329bn.

Dubai’s direct trade in 2020 totalled Dhs711bn, while trade through free zones reached Dhs464bn and customs warehouse trade was recorded at Dhs7bn, reported state-run news agency WAM.

Airborne trade accounted for Dhs559bn. Sea trade meanwhile reached Dhs421bn, while land trade touched Dhs203bn.

Thanks to @HHShkMohd’s directives, Dubai’s economy has demonstrated great agility in overcoming challenges; according to new figures for non-oil external trade in 2020, which reached AED 1.182 trillion in the second half of the year. pic.twitter.com/y0Oy1mQIQa

— Hamdan bin Mohammed (@HamdanMohammed) April 10, 2021

China remained Dubai’s largest trading partner in 2020 with Dhs142bn worth of trade. India came in second with Dhs89bn of trade, followed by the US in third place with Dhs61bn.

Saudi Arabia continued to be Dubai’s largest Gulf and Arab trade partner and its fourth largest global trade partner with Dhs54bn worth of trade, followed by Iraq in the fifth place with Dhs41bn.

Gold topped the list of commodities in Dubai’s 2020 external trade at Dhs213bn, followed by telecoms at Dhs153bn.

Diamonds came third with Dha64bn, followed by petroleum oils with Dhs57bn and jewellery at Dhs47bn.

“The external trade sector’s distinctive growth in 2020 will boost the implementation of Dubai’s five-year plan to expand its external trade to Dhs2 trillion, consolidating the emirate’s position as a leading regional and global trade and investment hub,” said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council.

“Dubai’s new international trade map will see an expansion in air and sea navigation routes, with 200 new cities set to be added to the emirate’s existing network of 400 cities.”

Sultan bin Sulayem, DP World group chairman and CEO and Chairman of Ports, Customs and Free Zone Corporation added: “With the gradual opening of borders, Dubai’s trade volumes started recovering and growing quickly in the second half of 2020. In the third quarter, Dubai’s trade surged 34 per cent compared to Q2, and in Q4, trade grew by 7 per cent to Dhs326bn compared to Q3.

“Trade volumes in the second half of 2020 expanded by 6 per cent compared to the corresponding period in 2019. Overall, 100 million tonnes of goods were traded in 2020, which reflects the rapid recovery of this sector. This rebound is now spurring greater growth in 2021. The resumption of trade with Qatar, the start of trade engagement with Israel, the positive spin-offs from hosting Expo 2020 and the launch of the Dubai 2040 Urban Master Plan will all contribute to accelerating the emirate’s growth momentum,” noted Bin Sulayem.

Bin Sulayem also said that the recent restructuring of the Dubai Chamber will enhance support for the trade sector by creating new solutions for the needs of investors and companies.

Read: Sheikh Mohammed restructures Dubai government; approves five-year foreign trade plan

Dubai Customs has also launched its five-year strategy for the period 2021-2026, which outlines nine goals and four main objectives in developing customs operations.

Dubai Customs received the Agile Organization Certification from the American Business Agility Institute (BAI), thereby becoming the first agile government organisation in the world. As part of enhancing cooperation with export funding entities, Dubai Customs signed an MoU with Etihad Export Credit Insurance Company (ECI) to facilitate greater export performance in the emirate.