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Dubai’s non-oil foreign trade up 5% in H1-2019

Total trade value of USD 184 billion is 87% growth over past 10 years

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Dubai recorded non-oil foreign trade of USD 184 billion in the first half of 2019, an increase of 5 percent over the corresponding period of the previous year, according to Dubai Customs data.

The first-half figures represent growth of 87 percent from 2009.

The strong performance of Dubai’s foreign trade reflects the robust fundamentals of the economy and the city's ability to generate fresh growth opportunities even in an adverse global environment.

Dubai sought to diversify its economy at an early stage and create hard and soft infrastructure that empowers growth.

Exports increased 17 percent to reach USD 20.7 billion while re-exports were up 3 percent at USD 57.2 billion. Imports grew 4 percent to USD 106.2 billion.

Foreign trade from Dubai's free zones was the biggest contributor to the overall increase, accounting for USD 78.1 billion, a 12 percent increase year-on-year. Direct trade continued to be the largest contributor to the total at USD 105.1 billion.

Non-oil foreign trade volumes surged 31 percent to 56 million tons from 43 million tons in the first half of 2018. Exports rose 46 percent to 10 million tons, re-exports were up 39 percent to 9 million tons, and imports increased 26 percent to reach 38 million tons.

China remained Dubai’s largest trading partner, contributing USD 19.3 billion, a 4 percent increase. India is quickly catching up with 20 percent year-on-year growth to USD 18.2 billion. The US was the third-biggest trading partner, contributing USD 10.6 billion.

Saudi Arabia was Dubai’s largest Arab trade partner and also the fourth-biggest globally, with USD 7.5 billion. Switzerland came fifth with USD 7.2 billion.

Trade of gold, jewelry and diamonds contributed USD 49 billion, followed by mobile phones at USD 21.5 billion. Cars accounted for USD 9 billion.

 

Source

Dubai FDI