Dubai’s non-oil trade reaches Dh339 billion
Jay Krishnan, Partner
Dubai non-oil foreign trade witnessed a growth of 7 percent in the first quarter of 2019. The figure that stood at Dh316 billion in the first quarter of 2018 has increased to Dh339 billion in the current year’s first quarter.
The maximum growth happened in the exports sector, which reached Dh42 billion with a rise of 30 percent. While re-exports grew by 7 percent to Dh106 billion and imports are worth Dh190 billion (an increase of 4 percent).
The non-oil trade volume of Dubai increased by 32 per cent to reach 28 million tons. There has been a surge in the exports and it reached 6 million tons. Re-exports increased by 41 per cent to 4 million tons and imports rose 16 per cent to reach 17 million tons.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, said: “This robust performance and marked growth of Dubai’s non-oil foreign trade is an indication that we are on the right path of revenue diversification in alignment with the values and standards outlined in the 50-Year Charter. The Dubai Silk Road Strategy supports decades of successful investment in developing the emirate’s infrastructure. In line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, we are committed to developing our government services so that we can become a world-class model for future governments based on knowledge, innovation and advanced AI applications.”
Free zones contributed AED 147 billion via trade. Direct trade was the major contributor to total trade at AED 189 billion and customs warehousing accounted for AED 2.3 billion. Air and sea trade also have a major share of contribution and accounted for 85 percent of the total trade. AED 158 billion is the outcome of air trade and sea trade accounted for AED 129 billion. Trade by land reached AED 52 billion.
Dubai’s trade with Asia reached AED 208 billion (7 percent increase), with Europe AED 58 billion and with Africa AED 42 billion. Among these, the trade with Africa witnessed the biggest growth, which rose to 36 percent. Americas and Oceania also contributed to the trade sector.
AED 90 billion was the total value of gold, diamonds and jewellery traded through Dubai. Phones market was also a major contributor and accounted for AED 42 billion.
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