(MENAFN Press) Dubai's non-oil foreign trade managed to cross the Dhs 1 trillion threshold within nine months in 2013, to reach a volume of Dhs 1.009 trillion by the end of Q3, compared to Dhs 918 billion for the same period in 2012.
Dubai Customs statistics show that Dubai's non-oil foreign trade growth was the result of the increase in imports till Q3 of 2013; reaching Dhs 610 billion, as compared to Dhs 546 billion in the same period last year. In addition, exports and re-exports rose to Dhs 399 billion, compared to Dhs 372 billion.
"The fast-paced growth of Dubai's non-oil trade reflects the emirate's strong economic performance, reinforced by the massive achievements led by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-President, Prime Minister and Ruler of Dubai," said His Excellency Ahmed Butti Ahmed, Executive Chairman of Ports, Customs and Free Zone Corporation and Director General of Dubai Customs. "The vision of His Highness Sheikh Mohammed 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, as confirmed by His Highness, the next seven years are critical to realizing the UAE vision of becoming a major economic player in the world," Mr. Butti added.
Moreover, direct trade accounted for 64% of Dubai foreign trade, as it reached Dhs 649 billion by the end of Q3 2013, up from Dhs 595 billion for the same period in 2012. While free zones trade share stood for 35%, that is, Dhs 348 billion, compared to Dhs 316 billion; customs warehouse trade hit Dhs 12 billion, up from Dhs 6 billion last year.
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.
Further, India ranked first on Dubai's total non-oil foreign trade partner list; as trade volumes between them reached Dhs 111 billion, followed by China with Dhs 99 billion, then the USA with Dhs 65 billion.
While as far as imports are concerned, China topped the list of import partners with a share of 16% that is equal to Dhs 96 billion, followed by the USA with a share of 9% amounting to Dhs 58 billion and later India with 9% that is equal to Dhs 55 billion.
Speaking of exports, India came at the forefront of Dubai's trade partners with a share that accounted for 21%; that is equal to Dhs 24 billion, followed by Turkey with 13% and Dhs 15 billion and Switzerland with 7% that is equal to Dhs 8 billion.
As for re-exports; Saudi Arabia comes first with a share of 12% amounting to Dhs 33 billion, followed by India with 11% that is equal to Dhs 32 billion, then Iraq with a share of 7% and Dhs 20 billion.
"These successive achievements in Dubai's foreign trade prompted us, at Dubai Customs, to play a vibrant role in the overall transformation process witnessed in the economy of the UAE in general and Dubai in particular. We aspire to keep the foreign trade at the heart of this transformation by enhancing customs services, so we continue to spearhead the region and be among the top providers of high quality and efficient customs services in the world.", Mr. Butti added.
Till the end of Q3 2013, gold represented the larger share of Dubai's imports, followed by cellular and wired communication devices, then diamond, normal and sports cars, then various jewelry types and pieces.
As for exports; gold came first, followed by raw aluminum, then petroleum oils, jewelry types and pieces, followed by cigars, cigarettes and tobacco alternatives.
When it comes to re-exports; cellular and wired communication devices topped the list followed by unprocessed diamond, then computers and hardware, then petroleum oils followed by normal and sports cars.