(MENAFN- Khaleej Times) Dubai's foreign trade surged to Dh679 billion in the first half of 2013, recording a remarkable 16 per cent growth over the same 2012 period, and even exceeding upbeat forecasts.
A jump in exports by 22 per cent to Dh84 billion from Dh69 billion was the key growth driver, according data released by the government.
In the first half, imports registered a 16 per cent surge, rising to Dh406 billion compared to Dh349 billion in the same 2012 period. Re-export trade recorded a 13 per cent growth to Dh188 billion from Dh166 billion.
The first-half growth rate also exceeded the pace of surge at 14 per cent expected for the whole of 2013.
In 2012, Dubai's foreign trade growth accelerated from nine per cent in the first half to 13 per cent for the entire year.
"This steady growth reflects the ability of foreign trade to benefit from a buoyancy in other sectors. For instance, the significant growth of the tourism sector has subsequently contributed to the growth of trade, as the number of tourists who visited Dubai in the first half of 2013 increased by 11 per cent to reach 5.5 million tourists. This follows the record growth in 2012, with 10 million tourists and a 9.3 per cent annual growth rate compared to 2011," the Dubai Media Office said in a statement.
Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, stressed that the strong trade performance reflected soundness of Dubai's open economic approach.
Shaikh Hamdan asserted that the growth in non-oil trade exchanges is a result of efficient and effective economic policies upheld by the Dubai Government.
"These polices sustain development to serve the emirate's strategic objectives. Dubai has maintained vibrant economic and commercial ties within the Arab world and around the globe underlining its position as international hub for trade and financial services," he said.
Shaikh Hamdan said Dubai's ambitious economic outlook entails fostering even stronger trade ties both regionally and internationally. He said Dubai should keep exploring opportunities in new and emerging markets. According to him, world-class infrastructure and business friendly regulatory frameworks form a solid platform from which Dubai sets off on its global competition quest.
Shaikh Hamdan said Dubai's excellent prospects to host Expo 2020 are the result of two factors: the emirate's remarkable foreign trade growth and its rapid progress in regards to the global competitiveness.
Statistics show that India topped among Dubai's trade partners in the first half, with the value of two-way trade surging to Dh81 billion from Dh77 billion recorded in the same 2012 period. China came second with a trade value of Dh63 billion, up from Dh54 billion in the same 2012 period. The US came third with Dh45 billion, followed by the UK with Dh30 billion. Trade with GCC countries witnessed a steady increase of 17 per cent to Dh58 billion from Dh50 billion.
Foreign trade with Arab countries grew eight per cent to Dh105 billion against Dh98 billion during the same period last year.
"This increase reflects Dubai's ability to attract Arab businesses, despite the political and security tensions in many Arab countries that are major players in the trade movement," the statement said.
Dubai's trade with the European Union rose to Dh103b billion from Dh79 billion, representing a 31 per cent growth. Gold topped Dubai imports with a value of Dh81 billion followed by mobile and land phone devices at Dh40 billon, diamonds (Dh27 billion) and automobiles (Dh18 billion). Gold also topped the export list at a value of Dh50 billion, followed by aluminium at Dh3 billion, oil at Dh2 billion and jewellery at ۬Dh2 billion.
In re-exports, mobile and land phones were top in the list at Dh36 billion, followed by diamonds at Dh30 billion, computers and parts at Dh10 billion, jewellery at Dh7 billion and gold at Dh7 billion.
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