x Abu Dhabi, UAEWednesday 24 January 2018

Dubai's non-oil trade hits a record high

Dubai's non-oil trade reached a record high in January, new data shows.

Dubai's non-oil trade with the world rose 28 per cent to a record high of Dh55 billion (US$14.9bn) in January as India and Iran helped spur demand for the emirate's goods and services.

Growing consumer appetite within the emirate also propelled a rise in imports, shows data released today by Dubai Customs.

"Now for the whole year, exports and re-exports will drive the economy of Dubai," said Mohamed Lahouel, chief economist, of the Dubai Department of Economic Development.

Dubai's trade has rebounded strongly from the global financial crisis, helping to bring in revenues to the emirate as other sectors such as property struggle. January's increase in trade is double the rise in non-oil UAE trade for the whole of last year compared to 2009.

Exports experienced the biggest rise, rising 35 per cent to more than Dh6.6bn compared to the same period last year. Re-exports rose 31 per cent to Dh13.7bn.

Imports accounted for 63 per cent of non-oil trade. Imports reached Dh35bn, a rise of 26 per cent compared to the same period last year.