Dubai’s non-oil trade volumes grew at 6.1 per cent annually over the past five years as economic growth strengthens for the emirate.
Last year alone, the volumes grew by 8.2 per cent to 92.4 million tonnes compared with the previous year, “reflecting the resilience of the emirate’s economy, and reinforcing its reputation as a global trading hub”, according to Dubai Customs.
Currency fluctuations dragged down the value of trade, which declined by 4.1 per cent to Dh1.276 trillion in 2016 from Dh1.331tn in 2014.
In euros, which weakened by 23.4 per cent against the US dollar during the same period, the value grew by 15 per cent to €314 billion (Dh1.22tn) last year from €273bn in 2014. In terms of sterling, which weakened by 25.6 per cent against the dollar between 2014 and 2016, trade value increased to £257bn (Dh1.184tn) in 2016 from £220bn in 2014, up 16.8 per cent. “The results highlight the wisdom of our leadership in planning for the years ahead for the benefit of the nation decades from now,” said Sultan Ahmed Bin Sulayem, the DP World chairman and chief executive and chairman of Ports, Customs and Freezone Corporation.
“Dubai’s flexibility and ability to adapt to change and world-class infrastructure are paying dividends.”
The IMF forecast a 3.6 per cent economic growth this year, ahead of the 3.1 per cent growth forecast from Sheikh Ahmed bin Saeed, the chairman of the Economic Development Committee. It grew at 3.3 per cent last year.
The growth in non-oil trade volumes coincided with the growth in non-oil foreign trade.
Dubai’s non-oil foreign trade touched Dh1.276tn last year, up from Dh754bn in 2009, announced Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and the chairman of Dubai Executive Council, last month.
Of the figure, imports made up the majority at Dh800bn, while re-exports and exports accounted for Dh330bn and Dh140bn respectively.
China, India, the United States, Saudi Arabia and Germany were Dubai’s top five trading partners.
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