Volume # 04 | April, 2017

UAE Freezones Biz News Updates

Dubai's non-oil foreign trade reaches Dh1.3 trillion in 2016

Imports took the lion's share at Dh803 billion

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, said that Dubai's non-oil foreign trade in 2016 reached Dh1.276 trillion despite the global slowdown.

Sheikh Hamdan said the value of Dubai's external trade rose 70 per cent from Dh754 billion in 2009 to Dh1.276 trillion in 2016.

He said: "We have achieved this growth despite the credit crunch in 2008 that hit the world's economies. The achievement underscores the emirate's strong standing in the global trading landscape."

Imports took the lion's share at Dh803 billion, while re-exports and exports accounted for Dh330 billion and Dh143 billion respectively.

While China maintained its position as Dubai's leading trading partner with Dh166 billion in two-way trade (13 per cent of total trade), India came second at Dh94 billion (7.4 per cent of total trade), followed by the US at Dh86 billion (6.7 per cent of total trade).

Saudi Arabia maintained its position as the top Arab and GCC trading partner and fourth globally with Dh52 billion (4.1 per cent) of total trade. Germany stood fifth at Dh50 billion (3.9 per cent of total trade).

Sheikh Hamdan said Dubai was able to diversify its foreign trade despite fluctuations in international trade in 2016, a slump in global markets and a decline in basic commodity prices.

"Thanks to the vision of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, we are moving swiftly towards a 'post-oil UAE'. We are further diversifying our economy and attracting more investment," the Dubai Crown Prince added.

Dubai saw an 8.2 per cent surge in the total bulk weight of traded goods in 2016, rising to 92 million tonnes of commodities from 85 million in 2015.

Direct trade amounted for Dh830 billion (65 per cent of Dubai's total trade), followed by free zone trade at Dh411.44 billion (32 per cent) and customs warehouse trade at Dh34.76 billion (three per cent).

In terms of shipment and freight transport, air cargo accounted for Dh592 billion representing 46 per cent of Dubai's total trade while sea freight contributed Dh452 billion (35 per cent), and inland trade Dh232 billion (18 per cent).

The growth in trading of mobile phones and communication devices was a key feature of Dubai's foreign trade. Phones and communication devices represented the most traded commodity with a total value of Dh167 billion representing approximately 13.1 per cent of Dubai's total trade. Gold came second at Dh156 billion (12 per cent), followed by diamonds at Dh97 billion (7.6 per cent), and jewellery in fourth place at Dh63 billion (4.9 per cent). Automobiles came fifth accounting for Dh60 billion (4.7 per cent).

March 15, 2017

Free Zones Of UAE

Volume # 04 | April, 2017

UAE Freezones Biz News Updates

Courtesy Khaleej Times

Emirates Of UAE

Business

UAE Offshore