Dubai: Dubai has managed to contain the effect of global commodities and products’ drop down in prices and sustained a high-value foreign trade. Figures released by Dubai Customs show that Dubai’s non-oil foreign trade in the first nine months of 2014 totaled AED 988 billion, with imports having the biggest share at AED 621 billion, exports at AED 86 billion and re-exports AED 280 billion. The impressive figures come at a time the World Bank stated that prices of commodities are seeing a steep drop in 2014.
Sultan Ahmed bin Sulayem, Chairman of DP World and Chairman of Ports, Customs, and Free Zone, said: ” Dubai’s foreign trade scored steady growth in the first nine months of 2014 with top trading partners. China was Dubai’s top foreign trade partner during the first nine months of the year, with a trade value of AED 126 billion, up 27% on the same period as last year, followed by India with AED 80 billion, the USA with AED 61 billion, and Saudi Arabia- positioned 4th globally and 1st among Arab countries- with AED 40 billion. Dubai-Germany trade was up 25% scoring AED 32.5 billion, while trading with Japan grew 13% with a value of AED 31 billion.” From January to September 2014, direct trade contributed AED 605 billion of Dubai’s total foreign trade value, while free zones contributed AED 367 billion, and the customs warehouses AED 16 billion.
He further added: “This comes in line with His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE’s directives in declaring 2015 as the Year of Innovation, as well in parallel with the National Strategy of Innovation, devised by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai’s initiative, crowning Dubai’s effort towards nurturing knowledge economy, as per the Dubai Strategy Plan 2021 under the umbrella of UAE Vision 2021.” Commenting on these figures, Ahmed Mahboob Musabih, Director of Dubai Customs, said: “Dubai’s trade statistics for the first nine months of 2014 clearly show the emirate’s solid foothold as a regional and international trading and investment hub, as it maintained a high value despite the global decline in commodity prices.
This reflects Dubai’s trading capability to increase the volume of foreign trade, including imports, exports and re-exports, to compensate for any drop in prices. In the first nine months of 2014, Dubai’s foreign trade neared AED 1 trillion, which further reinforces the diversity of the national economy structure.” Phones topped other commodities in Dubai’s non-oil foreign trade. Trading in phones recorded an 8% growth, amounting to AED 129.4 billion. Meanwhile, Dubai’s trade of motor vehicles and individual-use cars, including station wagons and racing cars, climbed 31% to score AED 48.6 billion. On the other hand, computers recorded a 10% growth at AED 40 billion, and petroleum oils grew 12% and amounted to AED 30.5 billion.
Dubai’s foreign trade markets expanded to include partners’ from the five continents, spearheaded by Asia with a trade value of AED 610 billion, followed by Europe with AED 198 billion, then Africa with AED 89 billion, AED 72 billion trade volume with North America and AED 10 billion with South America, and AED 8 billion for Oceania – including Australia.