Dubai’s non-oil foreign trade rose marginally to reach Dhs1.33 trillion in 2014, up 0.15 per cent from Dhs1.32 trillion in 2013, state news agency WAM reported.
Imports, with a value of Dhs845 billion, constituted the lion’s share of the trade while exports and re-exports reached Dhs114 billion and Dhs372 billion respectively.
Direct trade contributed around Dhs818.8 billion to total foreign trade while trade from free zones was valued at Dhs488.7 billion, figures from Dubai Customs revealed.
China was Dubai’s top trading partner last year, registering a trade value of Dhs175 billion, up 29 per cent in 2013.
India was Dubai’s second largest trading partner, with total trade reaching Dhs109 billion, followed by the US with trade value at Dhs83 billion.
Saudi Arabia was the emirate’s fourth largest trade partner, at Dhs52 billion, and biggest partner in the Arab world.
“Within the framework of our comprehensive developmental strategy, trade has integrated with other sectors to secure diversification of our national income confirming our ability to sustain solid growth,” said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, crown prince of Dubai and chairman of Dubai Executive Council.
“The steady growth for Dubai’s non-oil foreign trade, with the powerful performance in other economic sectors, open new horizons for plenty of promising opportunities; yet, shouldering us more responsibilities toward careful planning and smart implementation of these plans.”
Largely buoyed by its massive port facilities at Jebel Ali, Dubai’s non-oil trade has grown steadily over the years.
Although hampered by sanctions on Iran – previously one of the emirate’s largest trading partners – non-oil trade expanded 7.6 per cent in 2013, according to Dubai Customs.