Dubai’s Non-oil Foreign Trade Rises 6% in Value

Business

December 29th, 6:42am

Dubai - Asharq Al-Awsat

Dubai’s non-oil foreign trade volumes surged to 83 million tons in the first nine months of 2019, an increase of 22 percent year-on-year. Asharq Al-Awsat

Dubai’s non-oil foreign trade volumes surged to 83 million tons in the first nine months of 2019, an increase of 22 percent year-on-year from 68 million tons in the corresponding period last year, the state-run Emirates News Agency (WAM) reported. The volume of re-exports skyrocketed 48 percent to reach 13 million tons. Exports rose by 47 percent to 14 million tons while imports grew by 13 percent to 56 million tons, it said. In terms of value, Dubai’s external trade rose 6 percent to exceed the trillion mark, reaching AED1.02 trillion compared to AED966 million in the same period in 2018, the agency added. As for exports, they rose by 23 percent to AED118 billion, re-exports grew by 4 percent to AED312 billion, and imports rose 3 percent to AED589 billion. Dubai achieved regular quarterly profits in 2019. The third quarter saw the highest trade activity worth AED343 billion, a growth of 7 percent. The second quarter’s trade activity witnessed 3 percent growth to reach Dh337 billion while the first quarter’s trade activity saw a 7 percent growth to reach AED339 billion, compared to the same period in 2018. "The strong performance of Dubai’s foreign trade reflects the robust fundamentals of our economy and prepares us to take advantage of the new opportunities that will come in 2020 – the year that will mark a new push for transformational growth over the next 50 years," WAM quoted Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, as saying. "We are confident our external trade sector will continue its strong growth momentum. Government teams are going above and beyond to develop new initiatives that will fast-track our trade growth. These include the Dubai Silk Road project, which will enhance Dubai’s position as a leading trade and logistics hub,” he said. “We are working on a virtual trade zone, the first of its kind in the world, which will considerably boost the development of e-commerce regionally and globally. All our various achievements will also enable us to host an exceptional EXPO 2020 and accelerate our growth and progress beyond the event," the Crown Prince added.

from Asharq AL-awsat https://aawsat.com/english/home/article/2056936/dubai%E2%80%99s-non-oil-foreign-trade-rises-6-value