Dubai- Dubai’s non-oil foreign trade reached Dh952 billion ($259 billion) in first nine months of 2016 with a 11 percent surge in the total volume of traded goods, rising as high as 70.82 million tons of commodities.
Imports had the lion’s share at Dh594 billion (46.81 million tons and 12 percent increase), while exports and re-exports accounted for Dh109 billion (11.84 million tons and 8 percent increase) and Dh249 billion (12.17 million tons and 10.5 percent increase), respectively.
“To offset the impact of the general slowdown in world economy, lower commodity prices and the slump in oil prices, Dubai has wisely restructured and broadened its sources of revenue while taking considerable measures to stimulate growth in the affected sectors,” said Sultan Ahmed Bin Sulayem, DP World Group chairman and CEO and chairman of Ports, Customs and Free Zone Corporation.
Dubai has realized that attracting foreign investments is a necessary must-do step, noted bin Sulayem.
To maintain Dubai’s business appeal, an advanced trade infrastructure, convenient government services at seaports and airports, a well-established legislative structure and a unique public-private partnership were all in place.
Ahmed Mahboob Musabih, director of Dubai Customs said that Dubai Customs was the first to introduce many advanced systems and programs in support of Dubai’s efforts to host Dubai Expo 2020.
“We are offering a plethora of facilities and advanced services to traders and investors that will make their business with Dubai a memorable experience. For example, the AEO program successfully took off and continues to be implemented across the UAE under the aegis of the Federal Customs Authority. The AEO program will create seamless commercial links between the UAE and the rest of the world” he added.
Mobile phones topped the list of high-value commodities in Dubai’s foreign trade in the first 9 months of this year with Dh124 billion worth of trade, and computers at Dh30 billion.
This supports Dubai’s transformation into the world’s smartest city and its growth as one of the region’s and the world’s major trading hub for smart ICT products.
Next on the list was gold with Dh116 billion worth of trade, followed by diamonds at Dh73 billion, and jewelry at Dh46 billion.
On the other hand, Dubai’s foreign trade in automobiles in the first 9 months of 2016 stood at Dh44 billion, and the value of petroleum oils reached Dh30 billion.
With a bilateral trade worth Dh120.8 billion, China was — by far — Dubai’s primary trading partner in the first 9 months of 2016. India came in second with bilateral trade at Dh70.4 billion.
The U.S. followed with Dh64 billion trade value, which means a 6 per cent increase compared to the first 9 months of 2015.
Once again, Saudi Arabia was Dubai’s fourth top trading partner globally and first in the GCC and Arab regions, at Dh39.4 billion.
Moreover, a substantial increase of 64 per cent in trade value was recorded between Switzerland and Dubai, taking their two-way commerce to Dh36 billion.