Dubai has accomplished exponential growth in the total volume of non-oil foreign trade commodities during the first quarter of 2016.
According to figures released by Dubai Customs, Dubai’s non-oil foreign trade reached Dh319 billion in the first quarter of 2016. Imports contributed Dh196 billion in total non-oil foreign trade while exports and re-exports shared Dh36 billion and Dh87 billion, respectively.
The volume of traded goods compared to the same period last year has increased by 17 percent to reach 24 million tons. The considerable growth was the result of re-export commodities soaring 35 percent to 4.1 million tonnes; export of goods rising by 26 percent to 4.58 million tonnes, and import of goods going up 11 percent to 15.25 million tonnes.
Sultan Ahmed bin Sulayem, Chairman and CEO of DP World and Chairman of Ports, Customs and Free Zone Corporation, commented that:
“The safe-haven sector of foreign trade in the emirate of Dubai is gaining greater momentum at the present stage of the UAE’s economic development, where it is moving ahead into the post oil phrase that was launched by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to boost the nation’s diversified economy and ensure its sustainability”
Dubai has continued to show it pliability to the increasing market fluctuations and global growth challenges due to the prolonged slowdown in virtually all key economies of the world. The growth in the volume of traded commodities resulted an increased momentum of Dubai’s non-oil foreign trade, which met Dh319 billion the end of March 2016.
Mobile Phones excelled in the list of high-value commodities in Dubai’s foreign trade by March of this year, with Dh43 billion worth of trade. Next on the list of high value commodities saw gold with Dh32 billion worth of trade followed by diamonds (Dh23 billion) and jewellery (Dh24 billion). Whilst Dubai’s foreign trade in automobiles saw Dh15 billion in the first quarter of 2016.
Dubai further expanded it foreign trade markets, whilst retaining strong relationships with its largest trading partners. China topped Dubai’s trading partners with trade worth Dh39 billion in the first three months of 2016. India followed in second with Dh24 billion worth of trade, trailed by the USA in third place with Dh22 billion. Saudi Arabia continued to be Dubai’s top GCC and Arab trading partner, and fourth largest globally with a total value of Dh14 billion.
“A key factor in our national economic diversification, Dubai’s foreign trade sector puts the UAE solidly on the world trade map, especially as Dubai has positioned itself among the leading global markets for smart information technology and broadened its global trading partner network to include major players in the world economy.” Added Bin Sulayem.