Global Arab Network | UAE: Dubai Non-Oil Trade Soars to $ 157 Billion in 2010

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UAE: Dubai Non-Oil Trade Soars to $ 157 Billion in 2010

Global Arab Network - - George Haddad

Monday, 07 March 2011 18:03

Dubai non-oil direct trading exchanges in the world market increased by 18 per cent last year, recording AED 576 billion ($ 157 Billion) against AED 488 billion in 2009 to almost achieve the recorded figures of 2008 in which Dubai trading exchange volume has achieved the highest record approximated at AED 613 billion, Global Arab Network reports according to a press statement.

Ahmed Butti Ahmed, Executive Chairman of Ports, Customs and Free Zone Corporation and the Director General of Dubai Customs asserted that the recorded figures during last year indicate a tangible improvement in the domain of non-oil trading activities in the Emirate of Dubai, and forecast a future upcoming development in the domain of investment opportunities along with recovery of escalating pace of economy's activities growth prospects in which trade is essentially considered a key component.

He learned that the facts declared by Dubai Customs showed record achievements in terms of exports and re-exports. Evidently, this ascertains vitality of Dubai strategic position as across point for regional and international activities.

During the last year, Dubai direct exports with the external world surged to record AED 68 billion, an increase by 30 per cent compared to 2009 which reached AED 52 billion. This export indicator shows the high quality of the local products of UAE and their competitiveness in the external markets, and the increasing demand for them amongst traders and consumers in these markets. This besides, the customs facilitation processes served to the exporters have also attracted increasing numbers in this hub.

"Dubai export figures achieved during the last year were higher comparable to the last 5 years. Exports in 2006 reached more than AED 18 billion, and increased to reach AED 27 billion in 2007, and AED 43 billion in 2008," he added.

Ahmed explained that the values of the executed exports activities last year remarkably recovered its growth after they witnessed a decrease in 2009. They went over AED 144 billion compared to AED 117 billion in the corresponding year.

He added that the recovery of re-exportation activities might be attributed to the improved infrastructures of air, sea ports, developed and secured network of transportation, the strategic location of the Emirate and availability of customs advanced systems. These factors have all together contributed to the economy recovery.

Ahmed noted that the bustling air traffic and Dubai's attraction to most famous shipping lines have tremendously facilitated growth of re-exportation operations. We continue our best to make their operation smoother within a framework of compliance, facilitation and endeavor not to allow transportation of restricted and prohibited goods which are hazardous and risky to the economy and communities of the word.

He added, "The re-exports operations achieved last year were the highest for the last 5 years. Maximally, the values recorded in 2008 more than AED 129 billion prior to the retreat in 2009 at 9 per cent due to the international crunch and its reverberation to the international economies.

Dubai revenues of non-oil trade exchanges in the external markets record the biggest dividend. These values during the last year reached AED 364 billion with an increase of 14 per cent of revenues in 2009, valued at AED 318 billion.

The DG attributed the revenues growth to a number of factors related to the local demand purchasing force, improvement of incomes, high liquidity and openness of the local markets to all external varied markets with ensuring achievement of equal opportunities.

India maintained its position as the greatest trade partner with Dubai during the last year. The trade exchanges between the two partners hit AED 146 billion, or 25 per cent of the total trades and monopolized 18 per cent of Dubai total revenues, 40 per cent of the total exports and 36 per cent of the total re-export operations.

China secured the second rank amongst the greatest counties in respect of Dubai imports. Chinese merchandise constituted 12 per cent of Dubai total imports, while USA came third by 8 per cent of these total imports.

Switzerland comes second in the list of Dubai direct exports worldwide with 20 per cent of Dubai total exports, while Saudi Arabia took the third position with a share of 4 per cent of Dubai total exports.

As of re-exports, Iran ranked second within the list of top re-exporting countries by 17 per cent, followed by Iraq with 5 per cent.

Precious metals exports are the top dividend of Dubai external trades with values of AED 236 billion, or 41 per cent of total trade thus topping the list of imported, exported and re-exported goods.

Machines and tools are second to precious metals in the list; its values recorded AED 34 billion, or 9 per cent of Dubai total imports. Instruments and electricity apparatus are second with AED 31 billion, or 8.6 per cent of Dubai total imports.

Plastic, rubber and rubber products were the second highest exported items in the list with AED 4 billion, or 5 per cent of total exports, while sugar and its products come next in the rank at AED 2 billion, or 3.6 per cent of Dubai total exports.

As of re-exports, auto and spare-parts take the second place with a value of AED 14 billion or 10 per cent of total re-exports. Heavy machines and equipment come third with AED 13 billion of total re-exports, or 9 per cent of total activities.

Global Arab Network

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