Dubai's first quarter non-oil trade climbs 7% on sharp rise in exports
Dubai recorded total non-oil foreign trade of Dh339 billion in the first three months of 2019
Non-oil trade in Dubai bounced back in the first quarter of the this year with a 7 per cent year-on-year rise as volumes grew and exports from the commercial and the trading hub of the Middle East climbed sharply.
Dubai recorded total non-oil foreign trade of Dh339 billion in the three months to the end of March this year. Exports registered the most growth, rising 30 per cent to reach Dh42bn, Dubai Media Office said on Tuesday, citing data from Dubai Customs.
“This robust performance and marked growth of Dubai’s non-oil foreign trade is an indication that we are on the right path of revenue diversification in alignment with the values and standards outlined in the 50-Year Charter,” Sheikh Hamdan bin Mohammed Al Maktoum, Crown Prince of Dubai and Chairman of the emirate’s Executive Council, said.
Re-exports from the emirate grew 7 per cent annually to reach Dh106bn while imports went up by 4 per cent to Dh190bn. Dubai’s first-quarter total non-oil trade volumes also surged by 32 per cent to 28 million tonnes. Volume of exports from the emirate rose by 94 per cent to 6 million tonnes, re-exports surged 41 per cent to 4 million tonnes and imports rose 16 per cent to 17 million tonnes, according to the data.
Trade through free zones of Dubai reached Dh147bn, a more than 20 per cent year-on-year rise. Air and sea trade accounted for 85 per cent of total trade, with both witnessing double-digit increases. Air trade accounted for Dh158bn and sea trade recorded Dh129bn. Trade by land climbed to Dh52bn.
“This strong growth has been delivered despite the challenging macro and geopolitical environment, which further highlights the strength and resilience of the Dubai economy,” Sultan Bin Sulayem, group chairman of DP World said.
“Importantly, we have seen significant growth in both exports (30 per cent) and re-exports (7 per cent) which reinforces Dubai’s profile as the key hub for the region. Overall, despite geopolitical headwinds, we remain excited about the outlook for Dubai, particularly with the lead up to Expo 2020,” Mr Bin Sulayem, who is also the chairman of Ports, Customs and Free Zone Corporation, said.
Updated: June 11, 2019 05:08 PM