Wednesday 12 June 2019
Dubai recorded non-oil foreign trade of USD 92.3 billion in the first quarter of 2019, an increase of 7 percent over the same period of 2018. Exports registered the most growth, rising 30 percent to reach USD 11.5 billion, while re-exports grew 7 percent to USD 28.9 billion. Imports went up by 4 percent to USD 51.7 billion.
Data released by Dubai Customs showed that Dubai’s Q1-2019 non-oil trade volumes increased by 32 percent to 28 million tons. Exports rose by 94 percent to 6 million tons while re-exports increased by 41 percent to 4 million tons. Imports rose 16 percent to 17 million tons.
Asia was the largest trading region for Dubai, showing an increase of 7 percent. It was followed by Europe. Africa witnessed the biggest growth, rising 36 percent.
The growth has been despite the challenging macro and geopolitical environment, which further highlights the strength and resilience of the Dubai economy. It also establishes Dubai's positioning as a regional gateway and a global hub.
The biggest trading partner was China (+8%), followed by India (+40%) and the USA (+10%). Saudi Arabia was the largest trade partner in the Arab world with USD 3.6 billion worth of non-oil trade in Q1-2019.
Dubai Customs recently launched a number of initiatives including a new disruptive berthing service for vessels using the Dubai Creek (Khor Dubai). The new Smart Vessel Berthing System will help vessels load and unload their goods with the help of an advanced service based on artificial intelligence. Another initiative was the launch of the Virtual Stock Guarantee, the first of its kind in the world.