Which item is on top of Dubai’s import list? Not gold…

By Eudore R. Chand

Dubai non-oil trade hits Dh1.3 trillion in 2017

DUBAI 20 March 2018: Dubai’s non-oil foreign trade in 2017 grew Dh26 billion to reach Dh1.302 trillion compared to Dh1.276 trillion in 2016, cementing Dubai’s position as the global hub for trade despite the challenges faced by the global economy.

Dubai’s re-exports grew 9% in 2017 to Dh360 billion, while Dubai’s imports reached Dh798 billion and exports totalled Dh144 billion.

Mobile Phones

Mobile phones topped the list of high-value commodities in Dubai’s foreign trade in 2017, with Dh174 billion. This supports Dubai’s transformation into the world’s smartest city and its growth as a major regional and global trading hub for ICT products.

Next on the list was gold with Dh159 billion, followed by diamonds at Dh105 billion. Vehicles came fourth at Dh70 billion.

Top Partners

China maintained its position as Dubai’s biggest trading partner in 2017 with Dh176 billion worth of trade or 13.6% of the total value, followed by India with Dh99 billion representing 7.6% of Dubai’s total non-oil foreign trade. The USA came third with a total of Dh85 billion or 6.5% of Dubai’s total trade.

Saudi Arabia is Dubai’s leading business partner among GCC and Arab countries, and its fourth biggest trading partner, with trade worth Dh58 billion, representing 4.5% of Dubai’s total trade with the world.

Dubai’s foreign free zone trade grew 5% to Dh434 billion, while direct trade touched Dh829 billion and customs warehouse trade reached Dh39 billion.

Dubai’s Competitiveness

Crown Prince of Dubai and Chairman of Dubai Executive Council, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum praised the growth of Dubai’s non-oil trade in 2017.

Dubai’s competitiveness, he said, plays a key role in attracting investments from around the world, which seek to take advantage of Dubai’s position as a regional and international trading hub.

“Trade is one of the key sectors that drives Dubai’s growth as a major global trading hub, which is supported by the emirate’s long heritage of being a gateway for global trade. The current growth of its non-oil foreign trade is an indication that we are on the right path of revenue diversification,” Sheikh Hamdan said.

Global Trends

“Dubai’s external trade growth reflects global economic trends, especially in the areas of communication and information technology. This is driven by the national economy’s focus on innovation and creativity, and our leadership in adopting artificial intelligence technologies in various sectors. There is no doubt that Expo 2020 will showcase our unique economic experience and our ability to establish global leadership across sectors,” he said.

Dubai’s non-oil foreign trade conducted through land transportation grew 4.1% to reach Dh241 billion in 2017, while sea trade grew 3.3% to Dh467 billion and air trade reached Dh594 billion.