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Non-oil trade between Dubai and Saudi Arabia amounted to Dhs500bn over last decade

Non-oil trade between Dubai and Saudi Arabia amounted to Dhs500bn over last decade

In H1 2020 alone, Dubai’s external trade with Saudi reached Dh24bn

Dubai

Non-oil trade between Dubai and Saudi Arabia amounted to Dhs500bn from 2010-2020, which makes the kingdom Dubai’s biggest Arab trade partner and fifth globally.

Ahmed Mahboob Musabih, director general of Dubai Customs added that the value of Dubai external trade with Saudi in the first half of 2020 reached Dh24bn, including Dh4bn of imports, Dh2.8bn of exports and Dh17.3bn of re-exports.

These figures were released ahead of Saudi National Day which is being observed on September 23.

The UAE and Saudi are celebrating the 90th Saudi National Day under the theme “Together Forever”.

Musabih added that the Authorised Economic Operator (AEO) mutual recognition agreement between the UAE and the kingdom will help push up customs cooperation, enhance two-way trade, reduce costs of importing and exporting, and minimise inspection time, reported Dubai Media Office.

Saudi Arabia will be a major participant in the 5th WCO Global AEO Conference which Dubai Customs organises in cooperation with the World Customs Organization and the Federal Customs Authority in February 2021.

The volume of Dubai’s non-oil foreign trade in 2019 grew 19 per cent from 91 million tons in 2018 to 109 million tons last year.

Dubai’s foreign trade in 2019 was Dhs1.371 trillion, up 6 per cent from Dhs1.299 trillion in 2018.

Read: Dubai’s non-oil foreign trade rises 6 per cent to Dhs1.37 trillion in 2019

China was Dubai’s largest trading partner, accounting for Dhs150bn. India was its second-biggest trading partner, contributing Dhs135bn, followed by America with Dhs77.7 billion, and Switzerland with Dhs60bn.

For 2019, Saudi Arabia remained Dubai’s largest Arab trade partner, accounting for trade worth Dhs56bn.

In Q1 2020 meanwhile, Dubai’s external trade in the first quarter of 2020 reached Dhs323bn with exports growing 2 per cent year-on-year to Dhs43bn. China remained Dubai’s largest trading partner in the first quarter of this year contributing Dhs35.8bn.

Read: Dubai’s Q1 2020 external trade reaches Dhs323bn with China as largest trading partner

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