mobanmarketDubai: Non-oil trade in Dubai rose by 7 per cent year-on-year in the first quarter of 2019 to reach Dh339 billion, according to figures from Dubai Customs.
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Exports registered the most growth, rising 30 per cent to reach Dh42 billion while the value of re-exports increased by 7 per cent to Dh106 billion. The value of imports went up by 4 per cent to reach Dh190 billion.
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Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of the Dubai Executive Council, said in a statement that the figures support the emirate’s plans for economic diversification.
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30%
growth in exports, reaching Dh42 billion###
“This robust performance and marked growth of Dubai’s non-oil foreign trade is an indication that we are on the right path of revenue diversification in alignment with the values and standards outlined in the 50-year Charter,” he said.
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During the quarter, Asia was Dubai’s largest trading region, with trade between the two increasing by 7 per cent to Dh208 billion. Trade with Europe, the second largest partner, touched Dh58 billion. Africa witnessed the biggest growth, rising 36 per cent to reach Dh42 billion.
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Country-wise, China was Dubai’s biggest trading partner in the first quarter of 2019, followed by India, and the United States. They accounted for Dh36 billion (up 8 per cent year-on-year), Dh33 billion (up 40 per cent), and Dh20 billion (up 10 per cent) respectively to the total trade value in the quarter.
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Dh33b
trade done with India, second biggest partner this quarter###
Saudi Arabia was the largest trade partner in the Arab world, with Dh13.2 billion worth of non-oil trade.
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Sultan Bin Sulayem, chairman and chief executive officer DP World Group and chairman of the Ports, Customs, and Free Zone Corporation, said the growth in non-oil trade values came despite a “challenging macro and geopolitical environment.”
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“Overall, despite geopolitical headwinds, we remain excited about the outlook for Dubai, particularly with the lead-up to Expo 2020,” he said.
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