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UAE Freezones Biz News Updates
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Dubai Q3 non-oil trade surges to $274.6bn
Dubai's non-oil foreign trade has topped the one trillion dirhams threshold
within nine months to hit Dh1.009 trillion ($274.6 billion) by the end of
the third quarter compared to Dh918 billion for the same period last year,
said government data.
Dubai Customs statistics show that the emirate's non-oil foreign trade
growth was the result of the increase in imports till the third quarter of
2013; reaching Dh610 billion, as compared to Dh546 billion in the same
period last year. In addition, exports and re-exports rose to Dh399 billion,
compared to Dh372 billion.
The direct trade accounted for 64 per cent of Dubai foreign trade, as it
reached Dh649 billion by the end of the third quarter in 2013, up from
Dh595 billion for the same period last year, said the Dubai Customs
statistics.
While free zones trade share stood for 35 per cent, that is, Dh348 billion,
compared to Dh316 billion; customs warehouse trade hit Dh12 billion, up from
Dh6 billion last year, it added.
"The fast-paced growth of Dubai's non-oil trade reflects the emirate's
strong economic performance, reinforced by the massive achievements led by
Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-President, Prime Minister
and Ruler of Dubai," said Ahmed Butti Ahmed, the executive chairman of
Ports, Customs and Free Zone Corporation and director general of Dubai
Customs.
He lauded Sheikh Mohammed's vision which has earned the emirate a myriad of
great achievements that has recently culminated in the opening of Al Maktoum
International Airport and the unprecedented success of the Dubai Airshow
that has witnessed historic aircraft orders by the emirate's airlines.
"Moreover, a series of future projects that are set to take Dubai further on
the route to knowledge economy, most notably the 'Dubai Smart City' Project
and the Smart Government Initiative, has promising prospects that the next
seven years are critical to realizing the UAE vision of becoming a major
economic player in the world," Butti added.
It is this diversity in foreign trade elements that boosts Dubai's
opportunities to secure higher positions in global trade rankings, enhanced
by expansion of new markets, owing to its pivotal role in connecting the
world's different zones, and need of traders and investors to benefit from
its trade advantages in improving returns of their business transactions,
said the top official.
According to him, India ranked first on Dubai's total non-oil foreign trade
partner list; as trade volumes between them reached Dh111 billion, followed
by China with Dh99 billion and the US with Dh65 billion.
As far as imports are concerned, China topped the list of import partners
with a share of 16 per cent that is equal to Dh96 billion, followed by the
US with a share of 9 per cent amounting to Dh58 billion and later India with
9 per cent equal to Dh55 billion.
Speaking of exports, India came at the forefront of Dubai's trade partners
with a share that accounted for 21 per cent; that is equal to Dh24 billion,
followed by Turkey with 13 per cent and Dh15 billion and Switzerland with 7
per cent that is equal to Dh8 billion.
As for re-exports; Saudi Arabia ctopped the list with a 12 per cent share
amounting to Dh33 billion, followed by India with 11 per cent share that is
equal to Dh32 billion and then Iraq with a share of 7 per cent totalling
Dh20 billion.
"These successive achievements in Dubai's foreign trade prompted us, at
Dubai Customs, to play a vibrant role in the overall transformation process
witnessed in the economy of the UAE in general and Dubai in particular. We
aspire to keep the foreign trade at the heart of this transformation by
enhancing customs services, so we continue to spearhead the region and be
among the top providers of high quality and efficient customs services in
the world," stated Butti.
Till the end of the third quarter 2013, gold represented the larger share
of Dubai's imports, followed by cellular and wired communication devices,
then diamond, normal and sports cars, then various jewelry types and pieces,
he revealed.
"As for exports; gold came first, followed by raw aluminum, then petroleum
oils, jewelry types and pieces, followed by cigars, cigarettes and tobacco
alternatives. When it comes to re-exports; cellular and wired communication
devices topped the list followed by unprocessed diamond, then computers and
hardware, then petroleum oils followed by normal and sports cars," added
Butti.
27 Dec 2013 |
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Courtesy TradeArabia News Service
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