30/12/2013 09:11 AST
Dubai's non-oil foreign trade topped the one trillion dirhams threshold within nine months to hit AED1.009 trillion ($274.6 billion) by the end of the third quarter compared to Dh918 billion for the same period last year, government data said.
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 AED610 billion, as compared to AED546 billion in the same period last year. In addition, exports and re-exports rose to AED399 billion, compared to AED372 billion.
The direct trade accounted for 64 per cent of Dubai foreign trade, as it reached AED649 billion by the end of the third quarter in 2013, up from AED595 billion for the same period last year, said the Dubai Customs statistics.
While free zones trade share stood for 35 per cent, that is, AED348 billion, compared to AED316 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 realising 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 AED111 billion, followed by China with AED99 billion and the US with AED65 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 AED96 billion, followed by the US with a share of 9 per cent amounting to AED58 billion and later India with 9 per cent equal to AED55 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 AED8 billion.
As for re-exports, Saudi Arabia topped the list with a 12 per cent share amounting to AED33 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.
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Agencies
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