Dubai Q3 non-oil trade surges to $274.6bn
Dubai, December 28, 2013
Dubai's non-oil foreign trade has topped the one trillion dirhams threshold within nine months to hit Dh1.009 trillion ($274.6 billion) by the end of the third quarter compared to Dh918 billion for the same period last year, said government data.
Dubai Customs statistics show that the emirate's non-oil foreign trade growth was the result of the increase in imports till the third quarter of 2013; reaching Dh610 billion, as compared to Dh546 billion in the same period last year. In addition, exports and re-exports rose to Dh399 billion, compared to Dh372 billion.
The direct trade accounted for 64 per cent of Dubai foreign trade, as it reached Dh649 billion by the end of the third quarter in 2013, up from Dh595 billion for the same period last year, said the Dubai Customs statistics.
While free zones trade share stood for 35 per cent, that is, Dh348 billion, compared to Dh316 billion; customs warehouse trade hit Dh12 billion, up from Dh6 billion last year, it added.
"The fast-paced growth of Dubai's non-oil trade reflects the emirate's strong economic performance, reinforced by the massive achievements led by Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-President, Prime Minister and Ruler of Dubai," said Ahmed Butti Ahmed, the executive chairman of Ports, Customs and Free Zone Corporation and director general of Dubai Customs.
He lauded Sheikh Mohammed's vision which has earned the emirate a myriad of great achievements that has recently culminated in the opening of Al Maktoum International Airport and the unprecedented success of the Dubai Airshow that has witnessed historic aircraft orders by the emirate's airlines.
"Moreover, a series of future projects that are set to take Dubai further on the route to knowledge economy, most notably the 'Dubai Smart City' Project and the Smart Government Initiative, has promising prospects that the next seven years are critical to realizing the UAE vision of becoming a major economic player in the world," Butti added.
It is this diversity in foreign trade elements that boosts Dubai's opportunities to secure higher positions in global trade rankings, enhanced by expansion of new markets, owing to its pivotal role in connecting the world's different zones, and need of traders and investors to benefit from its trade advantages in improving returns of their business transactions, said the top official.
According to him, India ranked first on Dubai's total non-oil foreign trade partner list; as trade volumes between them reached Dh111 billion, followed by China with Dh99 billion and the US with Dh65 billion.
As far as imports are concerned, China topped the list of import partners with a share of 16 per cent that is equal to Dh96 billion, followed by the US with a share of 9 per cent amounting to Dh58 billion and later India with 9 per cent equal to Dh55 billion.
Speaking of exports, India came at the forefront of Dubai's trade partners with a share that accounted for 21 per cent; that is equal to Dh24 billion, followed by Turkey with 13 per cent and Dh15 billion and Switzerland with 7 per cent that is equal to Dh8 billion.
As for re-exports; Saudi Arabia ctopped the list with a 12 per cent share amounting to Dh33 billion, followed by India with 11 per cent share that is equal to Dh32 billion and then Iraq with a share of 7 per cent totalling Dh20 billion.
"These successive achievements in Dubai's foreign trade prompted us, at Dubai Customs, to play a vibrant role in the overall transformation process witnessed in the economy of the UAE in general and Dubai in particular. We aspire to keep the foreign trade at the heart of this transformation by enhancing customs services, so we continue to spearhead the region and be among the top providers of high quality and efficient customs services in the world," stated Butti.
Till the end of the third quarter 2013, gold represented the larger share of Dubai's imports, followed by cellular and wired communication devices, then diamond, normal and sports cars, then various jewelry types and pieces, he revealed.
"As for exports; gold came first, followed by raw aluminum, then petroleum oils, jewelry types and pieces, followed by cigars, cigarettes and tobacco alternatives. When it comes to re-exports; cellular and wired communication devices topped the list followed by unprocessed diamond, then computers and hardware, then petroleum oils followed by normal and sports cars," added Butti.-TradeArabia News Service
More Finance & Capital Market Stories
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF
- Kuwait Q3 trade surplus hits $23bn
- Dubai trade growth up 7.6pc to $362bn
- Deloitte appoints new managing director
- Al Ramz tops UAE trading in Feb
- IFC in $150m loan deal with Bank Audi
- SME funding focus for Abu Dhabi forum
- Insurance House posts second year of profit
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast
- Saudi IPO market 'set for big year'
- RAK 'exploring' ceramics unit stake sale
- Bahrain Bourse wins key UK award
- Alba backs Euromoney forum
- URC bond rating upgraded to stable outlook