Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Dubai foreign trade crosses Dh1 trillion  Join our daily free Newsletter

MENAFN - Khaleej Times - 09/12/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Figures enhance UAE's status as a global trading hub; India still emirate's top export partner.

Dubai's non-oil foreign trade surged nine per cent to cross the Dh1 trillion mark by the end of the third quarter of 2013 from Dh918 billion for the same 2012 period, with India retaining its rank as the No.1 trade partner.

Two-way trade with India grew to Dh111 billion in the first nine months, while China recorded Dh99 billion to reinforce its position as the second-largest trading partner of Dubai. The United States was at third position with Dh65 billion.

"Trade is one of the key pillars in the overall structure of our local economy and a main driver for its growth. We look at the rising curve in trade volumes as an indicator of the success of our developmental strategies," said Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council.

The strong results and a steady increase in the volume of foreign trade exchanges are solid evidences of the effectiveness of Dubai's economic policies, Shaikh Hamdan said.

The pace of growth in trade further enhances the UAE's status as a global trade hub and reinforces Dubai's position as a focal gateway for international trade exchanges.

"With the UAE voted the host nation of World Expo 2020 in Dubai, the trade sector will undoubtedly witness tremendous growth over the coming few years up to the beginning of the next decade. Appearing for the first time ever in the Middle East North Africa and South Asia, the world's largest exhibition will pave the way for stronger trade flows, opening unprecedented opportunities in a region inhabited by around two billion people," Shaikh Hamdan said.

"Dubai's highly-reliable and efficient infrastructure and quality logistic services will be strong assets to facilitate and support the expected trade growth across the region."

Dubai Customs statistics showed that he trade growth was driven by a surge in imports to Dh610 billion from Dh546 billion.

Exports and re-exports also rose to Dh399 billion from Dh372 billion.

Direct trade accounted for 64 per cent of Dubai foreign trade to hit Dh649 billion, up from Dh595 billion for the same 2012 period. Free zones trade share was 35 per cent at Dh348 billion and customs warehouse trade hit Dh12 billion

Ahmed Butti Ahmed, executive chairman of Ports, Customs and Free Zone Corporation and director-general of Dubai Customs, said the roadmap to the development of Dubai's foreign trade for the coming years is crystal-clear now. "As the emirate is getting closer to hosting Expo 2020, our main mission is to corroborate Dubai's leading role in the world's scenery, to become one of the world's most important cities in international trade," he said.

"To achieve this, we need to implement commercial strategies that respond to the nature of on-going transformations in global economy, in the light of the uprising of Asian markets and their taking on a leading position in international trade movement, in order to maximise our utilisation of these transformations, by further cementing ties with Asian markets which strive to expand their reach through Dubai and strengthen their existence in a wide region that extends from Asia to Europe and Africa," Ahmed added.

China topped the list of Dubai's import sources with a share of 16 per cent or Dh96 billion, followed by the US with a share of nine per cent amounting to Dh58 billion and India with Dh55 billion.

In exports, India was first with a share of 21 per cent or Dh24 billion, followed by Turkey with 13 per cent and Dh15 billion and Switzerland with seven per cent or Dh8 billion.

In re-export destinations, Saudi Arabia was first with a share of 12 per cent or Dh33 billion, followed by India with 11 per cent or Dh32 billion, Iraq with a share of 7 per cent at Dh20 billion.

 


Khaleej Times




  MENA News Headlines
 May 4 2015 - Saudi- Majlis Al-Shura: Custodian of the Two Holy Mosques Consolidates Saudi Ruling House Since Ascension to ThroneSaudi Press Agency
(MENAFN - Saudi Press Agency) Majlis Al-Shura has highly valued the selection by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud of Prince Mohammed bin Naif bin Abdulaziz as ...

 May 4 2015 - Saudi- Onaizah Scouts awarded Medal of Scouts of the WorldSaudi Press Agency
(MENAFN - Saudi Press Agency) The Scouts of Onaizah have obtained recently certificates of thanks and appreciation from Saudi Arabian Boy Scouts Association, and awarded the Medal of Scouts of the ...

 May 4 2015 - Egypt- CFF4: Fashion festivities hit Cairo for 4th timeDaily News Egypt
(MENAFN - Daily News Egypt) The minute you step onto the red carpet, several photographers race each other to take your photo, until you walk into one of Cairo's most captivating open spaces. The ...

 May 4 2015 - Egypt- Mercedes-Benz denies withdrawal from Egyptian marketDaily News Egypt
(MENAFN - Daily News Egypt) Following a state of confusion that resulted from rumours that Mercedes-Benz was withdrawing from the market, the German luxury car-maker issued an official statement ...

 May 4 2015 - Egypt- Pharmaceutical factory worth EGP 250m in Indian investments inauguratedDaily News Egypt
(MENAFN - Daily News Egypt) Indian company Pharmed Healthcare, a joint Hetero group venture, inaugurated in Egypt Sunday a factory for producing a drug called "Sofosbuvir", in the presence of ...

 May 4 2015 - Egypt- Court sentences 5 to death in Kerdasa police killingsDaily News Egypt
(MENAFN - Daily News Egypt) The Giza Criminal Court sentenced five defendants to death Monday on charges of storming the Kerdasa police station and murdering at least 11 policemen in August 2013.The ...

 May 4 2015 - Saudi-led coalition hits military base in YemenJordan News Agency
(MENAFN - Jordan News Agency) Saudi-led coalition struck Sanaa's al Dulaimi military airbase in a series of airstrikes on Sunday.The base, targeted by two airstrikes, was considered as the central ...

 May 4 2015 - 139 new Syrian refugees cross into Kingdom of JordanJordan News Agency
(MENAFN - Jordan News Agency) Jordan Armed Forces' border guards received 139 Syrian refugees in the last 72 hours, a source at the General Command of the Armed Forces reported on Sunday.The new ...

 May 4 2015 - Jordan Central Bank's liquidity position reaches JD4.3billionJordan News Agency
(MENAFN - Jordan News Agency) The Central Bank of Jordan (CBJ) announced Sunday that the obligatory reserved volumes held at CBJ amounted to JD1.5billion with JD2.8billion as excess liquidity capital ...

 May 4 2015 - Jordan ranks first in International Mental Arithmetic CompetitionJordan News Agency
(MENAFN - Jordan News Agency) Jordanian children proved that they are at the forefront of creativity and innovation with seven students ranking first in the International Mental Arithmetic ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help