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UAE Freezones Biz News Updates
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Dubai trade surges to Dh600b
Figures are the highest in Dubai's trade history, Dubai Ports CEO says
DP World’s UAE ports, including those at Jebel Ali and Port Rashid in
Dubai, have seen consolidated growth of 1 percent.
Dubai’s non-oil foreign trade swelled by 12 per cent to Dh600 billion in the
first half of 2012 compared to Dh535 billion in the same period last year,
Dubai Customs announced.
Ahmad Butti Ahmad, CEO of Dubai Ports, Customs and Free Zone Corporation (DPCFZC),
said that Dubai’s imports was valued at Dh356 billion during the first half
of 2012 compared to Dh320 billion in the same period in 2011, showing a 11.5
per cent increase.
The value of exports and re-exports in the first half of 2012 amounted to
over Dh245 billion, a 13 per cent increase compared to the Dh217 billion
achieved in 2011, he added.
According to Butti Ahmad: “The figures of Dubai’s foreign trade in the first
half of 2012 is the highest ever in the trade history of the emirate.”
“Comparing this figures to the same period of 2008, the booming era, Dubai’s
foreign trade achieved Dh458 billion, later to drop to Dh361 billion in the
first half of 2009 as a result of world economic crisis.”
However, Dubai’s trade grew steadily through 2010 and 2011 to Dh436 billion
and Dh537 billion, respectively.
The UAE’s openness to the world markets, combined with its capacity to deal
with diverse consumer products, has helped to address cultural
diversification in the country, said Butti Ahmad.
Gold is the most valuable trade for the city with imports and exports worth
a total of Dh59 billion, followed by Jewellery at Dh25 billion, Diamond at
Dh24 billion, Telecommunication networks at Dh23 billion and vehicles at
Dh15 billion.
Trade partners
India is currently ranked as Dubai’s top trading partner in terms of
imports, exports and re-exports, achieving a total value of over Dh77
billion representing 13 per cent of the total Dubai foreign trade. It
emerged as Dubai’s top exporting and re-exporting destination and came
second in terms of imports, following China at Dh53 billion representing 9
per cent of Dubai’s overall foreign trade, the US came in third place at
Dh36 billion by six per cent, Switzerland is at fourth place with Dh32
billion by five per cent followed by Saudi Arabia at Dh23 billion by four
per cent, Dubai Customs said.
Customs data showed that growing purchasing power has contributed to the
increase in the volume of imports exports. “Moreover, high quality Emirati
made products, the promotion of the national industry and the strategic
facilities offered to exporters have also played a significant role in
increasing export volumes,” said Butti Ahmad.
The 12 per cent rise in trade to over Dh600 billion in the first half of
this year will spillover into a similar rate of growth for the coming years
as well, Irfan Al Hassani, a UAE-based economist told Gulf News.
Dubai has been showing steady economic growth despite global economic
challenges, he added.
Dubai ports function as a re-export hub for the entire Gulf region with its
port infrastructure highly praised for operating to global standards. Indeed
DP World is the world’s third largest port operator and sets these
standards. Dubai is the Hong Kong or Singapore of the Middle East.
“Trade facilities and well planned infrastructure, including the airports
and ports, in addition to logistics services, have all made Dubai the
preferred business centre in the region,” he said.
Inter-regional trade remains a great potential source of future business but
the facts show that it is not at the moment. The Middle East sells oil, gas
and petrochemicals and buys just about everything else it needs from the
rest of the world with the exception of some modest local production, Al
Hassani said.
Key numbers
- 12 per cent -- Growth of Dubai’s Trade during the first six months of 2012
- Dh600 billion -- Dubai’s total trade during the first half of 2012
- Dh535 billion -- Dubai’s total trade during the first half of 2011
- Dh245 billion -- Value of Dubai’s exports and re-exports in the first half
of 2012
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Courtesy Al Nisr Publishing LLC
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