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Khaleejtimes Business International

Dubai non-oil trade rises 7% in first quarter of 2019

The non-oil foreign trade reached Dh339 billion compared to Dh316 billion recorded in the first quarter last year.

Dubai recorded seven per cent year-on-year growth in non-oil foreign trade during first quarter of 2019 in line with the government targets set in the 50-year charter.

The non-oil foreign trade reached Dh339 billion in the first quarter of 2019 from Dh316 billion recorded in the same quarter last year. Exports registered the most growth, rising 30 per cent to reach Dh42 billion while re-exports grew seven per cent to Dh106 billion and imports went up by four per cent to reach Dh190 billion.

Data released by Dubai Customs showed that Dubai’s first quarter non-oil trade volumes increased by 32 per cent to 28 million tonnes as against 21 million tonnes in the first quarter of 2018. Exports rose by 94 per cent to six million tonnes while re-exports surged 41 per cent to four million tonnes and imports rose 16 per cent to 17 million tonnes.

Commenting on the non-oil trade figures in the first quarter, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, said 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.

“The Dubai Silk Road Strategy supports decades of successful investment in developing the emirate’s infrastructure. In line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, we are committed to developing our government services so that we can become a world-class model for future governments based on knowledge, innovation, and advanced AI applications,” he said.

Dubai’s non-oil trade grew 58 per cent in the 2010-19 decade; an increase of Dh124 billion from the first quarter of 2010, which saw Dh215 billion.

Trade through free zones reached Dh147 billion, reflecting year-on-year growth of 20 per cent. Direct trade was the largest contributor to total trade at Dh189 billion, showing a slight decline of 0.5 per cent and customs warehousing accounted for Dh2.3 billion, fell 21 per cent.

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