Dubai foreign trade hits Dh1 trillion milestone
Dubai, April 18, 2012
Dubai's foreign trade volumes surged 22 per cent in 2011 to hit the Dh1 trillion ($272.2 billion) landmark for the first time in its history compared to Dh902 billion the previous year, said a top government official.
Announcing the record results on Wednesday, Ahmed Butti Ahmed, the executive chairman of ports, Customs & Free Zone Corporation, Director General of Dubai Customs, said, 'All direct trade indicators have recorded a significant growth last year compared to the same period the year before. The imports increased 21 per cent to Dh442 billion compared to Dh364 billion the previous year.
Butti pointed out that the emirate's exports soared to hit Dh98 billion, up 44 per cent compared to Dh68 billion while the re-export trade grew 18 per cent to hit Dh161 billion compared to Dh144 billion.
'These results reflect the leverage and robust economy in the UAE in general, and Dubai in particular,' he added.
According to Butti, several factors contributed to this record growth; most importantly the high competitiveness in local market, the openness to markets world-wide and growth in purchasing power besides distinctive higher quality of national products and ascending level of services offered to importers.
These factors played a significant role in increasing the volume of exports and finding other new markets, the official added.
These figures, he said, include the statistics of direct foreign trade, free zones trade and warehouses trade indicating that the figures released by the Statistics Section at Dubai Customs have shown a growth in the direct trade in the same rate to amount Dh700 billion as compared to Dh576 billion in 2010, whereas the free zones trade increased 19 per cent to Dh383 billon as compared to Dh323 billion last year.
The customs warehouses trade grew 64 per cent to Dh5.6 billion in 2011 compared to Dh3.4 billion last year.
Dubai Customs chief said the emirate's modern infrastructure, the advanced services at sea and air ports together with the customs facilitations available to all land, sea and air customs ports have all contributed to achieve such terrific results.
According to him, India topped the list of trade partners with 19 per cent of the overall Dubai foreign trade worth Dh206 billion.
'The Asian giant headed the list of importing, exporting and re-exporting countries, as per statistical figures that showed the volume of Dubai imports from India reached Dh 102 billion, whereas Dubai exports to India amounted Dh36 billion and re-exports reached Dh69 billion.'
China came second with Dh100 billion imports followed by the US with Dh54 billion, Japan with Dh28 billion and Germany with Dh26 billion, said Butti citing the data.
Butti said Dubai's direct trade with GCC countries in 2011 grew 28 per cent last year to hit Dh28.4 billion compared to Dh22.2 billion the previous year.
He pointed out that this growth was one of the gains of the economic integration between GCC countries.
Saudi Arabia was at the top of the list in the intra-trade movement between Dubai and GCC countries with a 34 growth in trade volumes which amounted to Dh9.6 billion.
Kuwait came second on the list with Dh8 billion followed by Oman with Dh4.6 billion, Qatar with nearly Dh3.3 billion and Bahrain with Dh3 billion, said Butti.
According to him, the most important products constituting Dubai foreign trade movement included unwrought, worked and semi-manufactured gold, which came on the top of the list of Dubai imports with goods worth Dh81 in 2011, followed by diamond worth Dh59 billion, precious stones and metals valued at Dh23 billion and in the fourth place came vehicles amounting Dh19 billion.
Gold clinched the top spot in the Dubai export products list with Dh62 billion, followed by petroleum oil and oils extracted from stone metals valued at Dh 3 billion.
On the list of re-export products from Dubai to the other world countries, Butti said diamond was on the topwith volumes worth Dh63 billion, followed by vehicles at Dh8 billion and jewellery worth Dh6 billion.
'These figures and indicators are a solid proof of sustainability of the economic growth by virtue of flexible laws and legislations that offer fair and equal competitive opportunities for all members of the business community,' he added.-TradeArabia News Service