Dubai H1 non-oil trade up 5% to Dh676 billion

By Eudore R. Chand

DUBAI 6 October 2019: Dubai recorded a non-oil foreign trade of Dh676 billion in the first half of 2019, an increase of 5 per cent year-on-year from Dh644 billion in the corresponding half last year.

Exports registered the highest rise at 17 percent to reach Dh76 billion while re-exports were up 3 per cent at Dh210 billion and imports grew 4 per cent at Dh390 billion.

Dubai’s non-oil foreign trade volumes surged 31% year-on-year in the first half of 2019. Data released by Dubai Customs showed that the total volume of the emirate’s foreign trade reached 56 million tonnes; a record from 43 million tonnes registered in H1 last year. Exports rose by 46% to 10 million tonnes, re-exports were up 39% to 9 million tonnes and imports increased 26% to reach 38 million tonnes.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Executive Council of Dubai said: “The strong performance of Dubai’s foreign trade reflects the robust fundamentals of our economy and our ability to generate fresh growth opportunities even in an adverse global environment…Dubai’s flexibility, ability to adapt to change and its responsiveness to the needs of businesses and investors have made it a model for sustainable growth.”

Free Zones

The emirate’s foreign trade out of free zones was the biggest contributor to the increase in total trade in H1 2019 accounting for Dh287 billion (+12% YoY). Direct trade continued to be the largest contributor to total trade at Dh386 billion (+1% YoY). Customs warehouses trade accounted for Dh4 billion.

All transfer modes witnessed increases in value in H1 2019. Air and sea trade accounted for 83% of total trade. Trade by land saw the highest increase at Dh114 billion (+8% YoY), while air accounted for Dh311 billion (+3% YoY), and sea trade recorded Dh252 billion (+6% YoY).

Sultan bin Sulayem, DP World Group Chairman & CEO and Chairman of Ports, Customs and Free Zone Corporation (PCFC) said: “Undoubtedly these are challenging times with the global trade war and regional geopolitical tensions causing uncertainty and despite this backdrop, Dubai has delivered non-oil trade growth of 5% in the H1 2019 to Dh676 billion. With the continued upward trend of the foreign trade sector, we have reasons to be positive about the future of our national economy.

Top Partners

While China remained the largest trading partner, there was a 20% growth year-on-year in trade with India. The top three trading countries by value remained the same as H1 2018 with the biggest trading partners being China, followed by India and the USA. These contributed Dh71 billion (+4% YoY), Dh67 billion (+20% YoY) and Dh39 billion (-1% YoY) respectively to the total value traded in H1 2019.

Saudi Arabia maintained its position as Dubai’s largest Arab and GCC trade partner and fourth globally with Dh27.7 billion. Switzerland came fifth at Dh26.5 billion worth of trade.

Trade in Precious Metals and Stones Up 3 pc The total value of gold, diamonds and jewellery traded through Dubai in H1 2019 totalled Dh180 billion, an increase of 3% YoY. The telecom market (Dh79 billion) was the second highest contributor and trade in petroleum oils more than doubled from last year at Dh48 billion. Motors accounted for Dh33 billion.

Dubai Gazette