Dubai Non-oil Trade Increases in First Half of 2018

  • 9/19/2018
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Dubai’s non-oil foreign trade recorded an increase during the first half of 2018 reaching $175.5 billion, a $1.3 billion rise from 2017 figures. Dubai’s re-exports registered a 14 percent increase to reach $55.2 billion, while imports touched $102.6 billion and exports totaled $17.6 billion. Crown Prince of Dubai and Chairman of Dubai Executive Council Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum praised the growth saying Dubai’s competitiveness plays a key role in attracting investments from around the world to take advantage of Dubai’s position as a regional and international trading hub. "The current growth of Dubai’s non-oil foreign trade is an indication that we are on the right path of revenue diversification," asserted Sheikh Hamdan. He explained that Dubai’s external trade growth reflects global economic trends, especially in the areas of communication and information technology. "There is no doubt that Expo 2020 will showcase our unique economic experience and will highlight our ability to establish global leadership across various development sectors. Such events help towards a better connected world," he added. The emirate’s free zones foreign trade scored a 20 percent increase reaching $30.4 billion. Re-export activity through free zones recorded a 31 percent increase, while exports through free zones made a 23 percent increase, and imports through free zones made a 12 percent increase compared to the same period last year. Direct trade stood at $104.2 billion and customs warehouse trade weighed in at $1.6 billion. Sultan Ahmad bin Sulayem, DP World Group Chairman and CEO and Chairman of the Ports, Customs and Free Zone Corporation, credited the performance of the foreign trade sector to Dubai’s advanced infrastructure and policies. "We work hard to enhance the competitiveness of the UAE and Dubai by offering unique advantages and developing customs services and product offerings. This is why we launched a number of pioneering programmes such as the Smart Workspace, Mirsal 2, Risk Engine, Advanced Container Inspection System and Smart Customs Luggage Inspection System, amongst many others" he said. Bin Sulayem pointed out that Dubai Customs is moving forward in its distinctive path to attain more attention and recognition. So far in 2018, Dubai Customs has received 14 innovation awards including nine awards from Ideas America 2018, 4 of them are golden. Dubai’s airborne trade accounted for $82 billion while seaborne trade recorded $64.5 billion. Trade conducted through land transportation weighed in at $28.8 billion. China maintained its position as Dubai’s biggest trading partner in the first half of 2018 with $18.7 billion worth of trade. India came second with $15.2 billion, followed by the US in the third place with $10.6 billion. Saudi Arabia remains the largest Arab trade partner to the UAE and comes as its fourth largest global trade partner with $7.9 billion.

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