‘Trade is one of the key pillars in the overall structure of our local economy’ says Sheikh Hamdan bin Mohammed
Dubai’s non-oil foreign trade crossed the AED1 trillion threshold during the first nine months of 2013, reaching a total volume of AED1.009trn by the end of Q3, when compared with AED918 billion for the same period in 2012, according to the government of Dubai’s media office.
The emirate’s rising position on the world trade map, owing to the increasing growth in its foreign trade volume, qualifies it to occupy a prominent position in the economic scene – and Dubai is “surely capable of promoting the Expo 2020 experience as a central drive for world trade growth”, according to a statement from the government. Dubai intends to build on the expertise and commercial capabilities that the city can bring to the service of this mega event.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, expresses satisfaction over the strong results and steady increase in the volume of Dubai’s foreign trade exchanges, considering the achievement as a solid evidence of the effectiveness of the emirate’s economic policies.
He underlines the importance of the announced trade results for the first three quarters of 2013 as a new starting point towards further achievements, which boosts the UAE’s status as a global hub for trade and reinforces Dubai’s position as a focal gateway for international trade exchanges.
“Trade is one of the key pillars in the overall structure of our local economy and a main driver for its growth. We look at the rising curve in trade volumes as an indicator of the success of our developmental strategies,” says His Highness.
“With the UAE voted the host nation of the World Expo 2020, the trade sector will undoubtedly witness tremendous growth over the coming few years up to the beginning of the next decade. Appearing for the first time in the Mena region, the world’s largest exhibition will pave the way for stronger trade flows, opening unprecedented opportunities in a region inhabited by approximately two billion people. Dubai’s highly reliable and efficient infrastructure, and quality logistic services will be strong assets to facilitate and support the expected trade growth across the region,” he adds.
His Highness calls on all relevant sectors to co-operate and work on the necessary plans to maximise the benefits of the exhibition for both the UAE’s economy and the region’s.
Dubai Customs’ statistics show that the citys non-oil foreign trade growth was a result of the increase in imports till Q3 of 2013, reaching AED610bn, when compared with AED546bn in the same period last year. In addition, exports and re-exports rose to AED399bn, compared with AED372bn last year.
Moreover, direct trade accounted for 64 per cent of Dubai’s foreign trade, as it reached AED649bn by the end of Q3 2013, up from AED 95bn for the same period in 2012. While free zones trade share stood at AED48bn (35 per cent), when compared with AED316bn last year, customs warehouse trade hit AED12bn, up from AED6bn last year.
It is this diversity in foreign trade elements that boosts Dubai’s opportunities to secure higher positions in global trade rankings, enhanced by the expansion of new markets, owing to its pivotal role in connecting the world’s different zones, and need of traders and investors to benefit from its trade advantages in improving returns of their business transactions.
Until the end of Q3 2013, gold represented the larger share of Dubai’s imports, followed by cellular and wired communication devices, diamonds, normal and sports cars, and various jewellery pieces.