Dubai's non-oil trade hits Dh966 billion.
Dubai: Dubai's non-oil foreign trade sustained a steady trend despite a downturn in oil and precious metal prices, including gold, as it reached Dh966 billion during the first nine months of 2015, reflecting a slight decline of 2.2 per cent.
Imports in the first nine months of 2015 accounted for the biggest share of overall trade with a value of Dh597 billion, falling 3.86 per cent compared to the figures recorded during the same time in 2014. Exports during the first nine months of 2015 rose 18 per cent over the 2014 period to total Dh100 billion, while re-exports fell 3.92 per cent to total Dh269 billion.
Figures released by Dubai Customs showed that Dubai's non-oil foreign trade in the first nine months of 2014 totalled Dh988 billion, with imports having the biggest share at Dh621 billion, exports at Dh86 billion and re-exports Dh280 billion.
"Dubai has been exemplary in surmounting the impact of the trade and economic hardships the world is currently facing, thanks to the wisdom of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and his vision of diversifying Dubai's economic structure to withstand the sharp fluctuations witnessed across many key economic sectors globally," said Sultan Ahmed bin Sulayem, chairman of the Ports, Customs and Free Zone Corporation (PCFC), and chairman of DP World.
From January to September 2015, direct trade contributed Dh603 billion of Dubai's total foreign trade value; while free zones contributed Dh340 billion and customs warehouses Dh23 billion.
"The foreign trade sector has enhanced Dubai's capacity to build sustainable economic growth. Alongside other economic sectors, particularly tourism, it has positioned Dubai as a leading global and regional trading and business hotspot, in spite of the general slowdown in the world economy," bin Sulayem said.
Bin Sulayem emphasised the PCFC's commitment in expediting the shift to a digital, knowledge economy. "Our goal is to be a driver of change by being creative, innovative and using modern ICT solutions to deliver great government services that would reinforce the UAE's competitive edge in general and Dubai i particular," he said.
Dubai has seen foreign trade surge due to the substantial increase in the total volume of goods imported, exported or re-exported via the emirate.
The quantity of commodities traded went up five per cent from 60.6 million tonnes in the first nine months of 2014 to 63.7 million tonnes in the same period in 2015.
The impact of declining gold prices was contained by an increase in its traded volume to 1.028 million kilograms in the first nine months of 2015, compared to around 977,000 kilograms in the same period of 2014. Gold also had the second biggest share in the total value of Dubai foreign trade during January-September 2015 with a value worth Dh92.54 billion.
Phones and telecommunications equipment came first with a 6.3 per cent growth and Dh137.6 billion market share. Aluminium trade in Q3 of 2015 jumped 42.68 per cent, totalling a value of Dh12.14 billion, whereas jewellery amounted to Dh48.44 billion up by 19.2 per cent.
Copyright [c] 2015 Khaleej Times. All Rights Reserved. Provided by SyndiGate Media Inc. ( Syndigate.info ).
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|Publication:||Khaleej Times (Dubai, United Arab Emirates)|
|Date:||Dec 31, 2015|
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