Dubai’s non-oil foreign trade increases 10% to $ 96.5 billion in first quarter
Dubai’s non-oil foreign trade grew 10% in the first quarter of this year, as its economy continued to recover thanks to a rapid vaccination program and government stimulus measures.
Total foreign trade during the period amounted to Dh354.4 billion ($ 96.5 billion), up from Dh323 billion in the same period last year, the bureau said on Saturday. of Dubai Media. It is up 5% from the first three months of 2019.
Exports increased 25 percent to Dh50.5 billion while imports increased 9 percent to Dh204.8 billion. The value of re-exports increased by 5.5% to 99 billion dirhams.
“This remarkable growth will bring us closer to the ambitious objective of Dubai’s five-year strategy: to increase the value of foreign trade to 2,000 billion dirhams and to consolidate its position as a bridge linking regional and international markets by constantly improving its infrastructure and services. logistics, âsaid Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and Chairman of the Emirate’s Executive Council.
“By hosting Expo 2020 … Dubai will make a significant contribution to the recovery of the global economy and help it return to prosperity.”
Dubai’s economy is expected to grow 4% this year, according to government projections released in December. The emirate has unveiled stimulus packages worth Dh 7.1 billion since the Covid-19 epidemic to support the economy, businesses and people.
âDubai has quickly recovered from the repercussions of the current global crisis and has resiliently developed its business, driven by its strong investments and advanced technological capabilities, which have enabled it to continue its global business activities during what has been a testing period, “said DP World. Chairman and CEO of the Sultan bin Sulayem group.
âThe impressive success of the vaccination campaign in the United Arab Emirates has created high global confidence in the country and has helped Dubai strengthen its profile as the city with the most favorable business environment in the world. “
Direct trade during the quarter grew by 15% per year to reach Dh217 billion while trade through free zones increased by 2% to Dh135 billion, according to the latest statistics. Trade in customs warehouses increased by 23 percent to 2.3 billion dirhams.
Air trade increased by 15 percent to Dh 179 billion while maritime trade increased by 3 percent to Dh 120 billion and land trade by 7 percent to Dh 55.3 billion.
China maintained its position as Dubai’s largest trading partner with trade worth Dh44 billion, followed by India and the United States with Dh35 billion and Dh15.4 billion, respectively. Saudi Arabia, Dubai’s largest trading partner in the Gulf region and the Arab world, was fourth on the world list with 14.7 billion dirhams in trade. Turkey was fifth with Dh12bn in trade after growing 72 percent in the quarter.
“We are leading the way in connecting east to west and north to south through a number of leading global projects, including the Global Logistics Passport, which Dubai has launched to facilitate international trade and build a global logistics network, âBin Sulayem said. , who is also president of the Ports, Customs and Free Zones Corporation.
“The initiative offers economic benefits to member countries such as Indonesia, India, Thailand, South Africa and Brazil.”
In terms of products and services, gold topped the list of commodities after the trade value of the metal increased by 27% to Dh63bn during the review period, followed by telecommunications, the value of which was increased by 32% to Dh50bn.
Diamonds were in third place after a record growth of 61% which boosted trade value to Dh 29 billion, followed by jewelry to Dh 17 billion and vehicle trade to Dh 14 billion.
Global trade is expected to grow 8% this year, with stimulus and spending plans supporting economic growth in the United States and Europe.