Economy

Dubai’s non-oil foreign trade up five per cent trade in H1-2019

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The first half figures reflects the ability of the emirate’s trade sector to raise its strength and competitiveness despite a challenging global trade environment.

Sunday 06, October 2019 BY KUDAKWASHE MUZORIWA

Dubai has recorded non-oil foreign trade of AED 676 billion in H1 2019, a five per cent year-on-year increase compared to AED 644 billion H1 2018, according to WAM.

“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 five per cent in the H1 2019 to AED 676 billion,” said Sultan bin Sulayem, the Chairman & CEO of DP World Group and Chairman of Ports, Customs and Free Zone Corporation (PCFC).

Exports increased by 17 per cent to register the highest rise at AED76 billion while re-exports were up five per cent at AED 210 billion and imports posted a four per cent growth at AED 390 billion.

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of the 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.”

The emirate’s foreign trade out of free zones was the biggest contributor to the increase in total trade in H1 2019 accounting for AED 287 billion, a 12 per cent year on year growth compared 2018. Additionally, direct trade continued to be the largest contributor to total trade, recording a one per cent year on year growth at AED 386 billion.

Saudi Arabia maintained its position as Dubai’s largest regional trade partner as well as fourth globally with AED 27.7 billion while Switzerland came fifth at AED 26.5 billion worth of trade.

TAGS : US-China Trade tension, Global slowdown, non-oil foreign trade

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