(MENAFN- Emirates News Agency (WAM)) Dubai's non-oil foreign trade scored a steady and unwavering growth in 2014, rising to AED 1.331 trillion from AED 1.329 trillion in 2013. Out of the overall trade, imports had the biggest share with a value of AED 845 billion while exports and re-exports to the emirate reached AED 114 billion and AED 372 billion respectively.
H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, has hailed the strong results of Dubai's non-oil foreign trade in 2014.
Sheikh Hamdan affirmed that trade is key pillar of Dubai's economy. "Historically, trade has always been a prime economic activity commonly practiced by UAE people, and today trade sector plays significant role in our overall economic development. Within the framework of our comprehensive developmental strategy, trade has integrated with other sectors to secure diversification of our national income confirming our ability to sustain solid growth," he said.
Sheikh Hamdan added, "The steady growth for Dubai's non-oil foreign trade, with the powerful performance in other economic sectors, open new horizons for plenty of promising opportunities; yet, shouldering us more responsibilities toward careful planning and smart implementation of these plans. We are looking forward for stronger commercial ties and expanded network of trade partners, underlining Dubai's position as a global hub for international trade".
Figures released by Dubai Customs show that direct trade contributed AED 818.8 billion of Dubai's total foreign trade value, while free zones trade represented AED 488.7 billion and the customs warehouses AED 23.8 billion.
The growing Dubai's non-oil foreign trade enhanced the good economic performance of Dubai in particular and the UAE in general in 2014. The impressive commercial growth coincides with the outset of the national economy into propitious prospects, fully equipped with the wise leadership's inception of innovation and creativity as a driving catalyst towards higher progress and a more diversified economic structure.
Dubai has further diversified its foreign trade. The full transformation into the world's smartest city and implementation of the Smart Government created a tangible increase in the trade of IT smart applications and devices.
Of the commodities traded, phones topped the list with a growth of 9%, mounting to AED 178 billion. Likewise computers recorded a parallel 9% growth at AED 53 billion. Dubai's trade of personal-use and transportation vehicles also jumped 30% to stand at AED 68 billion.
The thriving tourism sector resulted in an 8% growth in jewellery trading, adding up to AED 55 billion. Dubai's petroleum oils trade, on the other hand, went up 10% to score AED 39 billion. As for the aviation industry, trade in rotorcraft and light aircrafts levelled up to 16% in growth with a trade value of AED 22 billion, while air jets turbine engines trade increased 7% totalling AED 20 billion. Satellite receivers trade was valued at AED 17 billion with an equal surge of 8%.
Additionally, Dubai has further expanded its foreign trade markets in 2014, marking a notable boost in its trading with China which topped Dubai's foreign trade partners with a trade value of AED 175 billion, up 29% from 2013. This progress serves as evidence to Dubai's pivotal role in the Dragon's trading with the world. It also reflects the emirate's capacity to successfully link European, African and international markets with the Chinese and East Asian markets.
India came second among Dubai's major trading partners with a value of AED 109 billion, followed by the United States at AED 83 billion. The Kingdom of Saudi Arabia was Dubai's fourth trading partner globally and first in GCC-Arab world with a total trade value of AED 52 billion.
Germany followed with AED 45 billion of trade, then Switzerland with AED 43 billion. There was also AED 43 billion in trade volume with Japan and AED 40 billion with the United Kingdom. The lowest share was that of Iraq at AED 37 billion.
Commenting on the impressive trade figures, Sultan Ahmed bin Sulayem, Chairman of DP World and Chairman of Ports, Customs and Free Zone Corporation (PCFC), said, "Dubai's foreign trade remains a cornerstone of the prospering UAE economy. These figures are clear indicators that the state's broadly diversified economy is well established now. We at PCFC are fully determined to back this drive, spurred by a spirit of innovation in response to President His Highness Sheikh Khalifa bin Zayed Al Nahyan's directive to mark 2015 as the Year of Innovation, and the National Innovation Strategy, launched by His Highness Sheikh Mohammed bin Rashid."
"Dubai has upheld its stature as a key player in global trade actively connecting both ends of the world, attested by a staggering double digit growth of 8 to 30% in 8 major trade sectors in 2014. A steady increase in trade with Asian countries was the major hallmark, as China, India and Japan are some of Dubai's key trading partners, next to the USA, Germany, Switzerland, and the UK. KSA heads the list of Arab non-GCC trading partners. The cutting-edge port, customs, free zone and logistics services have made Dubai the logical place to do business in the Middle East, providing investors with a unique and comprehensive value-added platform," said Bin Sulayem.
H.E. Ahmed Mahboob Musabih, Director of Dubai Customs, said: "The ability of the emirate to withstand the impact of the global financial swings demonstrates its financial and monetary stability. Despite the global decline in prices of basic commodities and the drop of gold prices, Dubai efficiently manoeuvred these fiscal turmoil by projecting a good foreign trade performance in 2014. We are confident that the current progress in foreign trade shall drive our march towards realizing the goals of UAE Vision 2021 and Dubai Plan 2021. In response to the key themes defined therein, we have devised our future plans for Dubai Customs to have a greater contribution in building Dubai's envisaged picture in the year 2021: a pivotal hub in the global economy, a sustainable smart city with a pioneering and excelling government."
The Director of Dubai Customs further noted, "We have finalized the Virtual Corridor, which enables the movement of goods among handling authorities and shipping agencies in seaports and airports using faster, easier, simpler and more cost-effective customs procedures. Moreover, we have stepped up DC's inspection processes by completing the Inspection planning project to save our customers' time and effort through a prior booking facility for inspections."
Dubai Customs, he added, plays a key role in facilitating inbound and outbound trade flows across Dubai. "To assume this role to the fullest, we have put in place latest smart technologies. Our entire array of services is delivered 24/7 on smart gadgets. Meanwhile, we are transforming all our processes into smart apps and empowering employees to carry out and further nurture our development plans," Musabih said.
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