Dubai records 23% growth in non oil trade in 9 months

Dubai’s non-oil total trade, which includes direct trade, free zone trade, and customs warehouse trade, exceeded Dh814 billion at the end of third quarter in 2011, an increase by 23 per cent compared to Dh661 billion recorded in the same period of 2010. India topped the list of exporting to Dubai with Dh66 billion or 20.25 per cent of all other countries. China came second at Dh35.5 billion, or 10.9 per cent, followed by USA with Dh27 billion or 8.3 per cent, Japan Dh12.9 billion or 3.95 per cent, UK Dh12.65 or 3.88 per cent. In all, the top five exporting countries to Dubai exceeded Dh154 billion which is more than 47 per cent. India also came first in importing from Dubai to exceed Dh28 billion, followed by Switzerland at Dh9.8 billion, and Saudi Arabia at Dh2.9 billion. As for re-exports, India again topped the list with Dh44.3 billion, which made more than 35 per cent of total re-exports. As of imports, the most important products constituting Dubai direct trade movement included unwrought, worked and semi-manufactured gold, which came on the top of the list amounting Dh58.9 billion during the Jan-Sep 2011 period, followed by diamonds at Dh48.9 billion, and jewelries and precious metals occupied the third place at Dh17 billion. In the fourth place came motor cars and vehicles at Dh13.4 billion, followed by electrical apparatus for line telephony or line telegraphy at Dh6.8 billion. Gold also topped the list of Dubai exports at Dh45 billion followed by petroleum oils and oils obtained from bituminous minerals at Dh2.8 billion, then comes articles of jewelry with a value of Dh1.5 billion. In re-exports, diamonds took the lead with Dh52.3 billion, followed by motor cars and vehicles at Dh5.8 billion, then articles of jewelry at Dh4.3 billion. Dubai’s non-oil direct foreign trade has also achieved new records in the first nine months of 2011 compared to same period of 2010 at Dh523 billion despite the economic slowdown. Free zone trade has also exceeded Dh287 billion compared to Dh234 billion in the same period last year, and the warehouse trade achieved Dh4 billion compared to Dh2.4 billion. Ahmed Butti Ahmed, Executive Chairman of Ports, Customs and Free Zone Corporation and Director-General of Dubai customs, said that these great results of Dubai foreign trade reflect UAE’s strong and dynamic economy. “There are certain factors that stood behind this growth. The UAE market accessibility to international markets, and the growing purchasing power have all contributed to the increase in the imports volume while the distinctive higher quality of UAE product together with the support to the national industry and facilities given to exporters have played a prominent role in increasing exports and opening new markets. According to recent statistics on Dubai direct foreign trade issued by Dubai Customs, the growth in the first nine months of the current year increased 21 per cent (Dh326 billion) in imports, 43 per cent (Dh72 billion) in exports, and 18 per cent (Dh125 billion) in re-exports compared to same period in 2010. “Dubai sophisticated modern infrastructure, the advanced services at sea and air ports together with the customs facilitations available to all land, sea and air customs ports have contributed considerably to achieve such positive results in Dubai foreign trade” Butti added, “Dubai Customs never fails to support its clients, exporters and importers and improve service delivery standards in order to maintain the gains achieved by the emirate as a key link for trade movement between east and west and enhance the country`s ability to attract investors from everywhere. Dubai’s trade with the GCC countries grew as well. Oman topped the list of exporters to Dubai with Dh2.4 billion, followed by Saudi Arabia with around Dh2 billion, and Kuwait and Bahrain third with around Dh865 million for each. In exports, Dubai’s biggest importer is Saudi Arabia at Dh2.9 billion, followed by Kuwait at Dh1.9 billion, and Bahrain at about Dh610 million. Kuwait topped the list in re-exports with Dh2.86 billion, Saudi Arabia came second with Dh2.66 billion, and Oman with around Dh1.03 billion.