Dubai’s Non-Oil Foreign Trade Up By 16%

Dubai’s foreign trade growth during the first half has exceeded the expected growth rate for the entire year.

Dubai’s non-oil foreign trade has touched Dhs679 billion in the first half of 2013, up 16 per cent from the previous year, official news agency WAM has reported.

The growth in foreign trade was powered by a rise in exports, which rose 22 per cent to reach Dhs84 billion from Dhs69 billion last year. Imports also registered an increase of 16 per cent, rising to Dhs406 billion as compared to Dhs349 billion in the previous year.

Re-export trade growth stood at Dhs188 billion, up 13 per cent from last year.

Dubai’s foreign trade growth during the first half has exceeded the expected growth rate for the entire year, which was estimated to be at 14 per cent.

India was the emirate’s largest trading partner during the first half of this year with value of exchanged goods reaching Dhs81 billion compared to Dhs77 billion last year.

China came second with a trade value of Dhs63 billion while the US followed with a trade value of Dhs45 billion. The UK was the fourth largest trading partner of Dubai with a value of Dhs30 billion.

Dubai’s trade with the GCC countries during the first half continued to grow as it reached Dhs58 billion, up 17 per cent from last year. Despite Europe’s economic trouble, the emirate’s trade with European Union was valued at Dhs103 billion, up 31 per cent from last year.

Gold topped the list of imports to Dubai with a trade value of Dhs81 billion while mobile phones and land phone device imports followed closely with trade valued at Dhs40 billion.

Gold also topped the list of exported commodities from Dubai at a value of Dhs50 billion. Raw aluminum exports were valued at Dhs3 billion while petroleum oils reached Dhs2 billion.

“The escalating growth in Dubai’s foreign trade marks the ability of the Emirate to attract international trade, in view of the changes witnessed by the global economy, such as the economic and commercial growth of Asia, which is evolving to ultimately be the center of gravity for the flow of goods between the countries of the world,” said Ahmed Butti Ahmed, executive chairman of Ports, Customs and Free Zone Corporation and director general of Dubai Customs.

“Dubai has managed to play a central role in this transformation by linking markets of Asia, Europe and Africa through the air and sea shipping lines crossing by the Emirate.”