Dubai’s Non-Oil Foreign Trade Nears Dhs1 Trillion Mark

Dubai’s non-oil foreign trade amounted to Dhs988 billion during the first nine months of 2014, figures released by Dubai Customs showed.

Out of the overall trade, imports had the biggest share with a value of Dhs621 billion while exports and re-exports to the emirate reached Dhs86 billion and Dhs280 billion respectively.

China was Dubai’s top foreign trade partner during the first nine months with a trade value of Dhs126 billion, up 27 per cent on the same period last year. India was Dubai’s second largest trade partner with a trade value of Dhs80 billion followed by the US with trade amounting to Dhs61 billion.

Saudi Arabia was the emirate’s biggest trade partner among Arab countries with trade reaching Dhs40 billion in the first nine months of this year.

Meanwhile, trade between Dubai and Germany also saw major growth as it rose by 25 per cent in 2014 to reach Dhs32.5 billion while trade with Japan grew by 13 per cent to reach Dhs31 billion.

Figures also showed that direct trade made up Dhs605 billion of Dubai’s total foreign trade value, while free zones contributed Dhs367 billion, and customs warehouses contributed Dhs16 billion.

“Dubai’s trade statistics for the first nine months of 2014 clearly show the emirate’s solid foothold as a regional and international trading and investment hub, as it maintained a high value despite the global decline in commodity prices,” said Ahmed Mahboob Musabih, director of Dubai Customs.

“This reflects Dubai’s trading capability to increase the volume of foreign trade, including imports, exports and re-exports, to compensate for any drop in prices. In the first nine months of 2014, Dubai’s foreign trade neared Dhs1 trillion, which further reinforces the diversity of the national economy structure.”

Of the commodities traded, phones topped the list with an eight per cent growth, amounting to Dhs129.4 billion.

Dubai’s trade of motor vehicles, including station wagons and racing cars, also climbed 31 per cent to score Dhs48.6 billion. On the other hand, computers recorded a 10 per cent growth at Dhs 40 billion, and petroleum oils grew by 12 per cent, amounting to Dhs30.5 billion.