Dubai External Trade Increases 31% in H1 2021

Business

September 27th, 8:24am

Dubai - Asharq Al-Awsat

The sun rises over the Dubai skyline with the Burj Khalifa, the world's tallest building at 830 meters, at the backdrop. (AP)

Dubai's non-oil external trade surged 31 percent in the first half of 2021 to reach $196.6 billion from $149.8 billion in the same period in 2020. Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, and Chairman of the Dubai Executive Council, said the trade growth demonstrates the success of Dubai's strategic plan to consolidate its position as a global logistics and trade hub that connects the world's diverse markets. "Dubai's existing sea and air network will be expanded to cover 200 new cities around the world. We are confident that we will continue to build on our growth momentum to achieve our ambitious sustainable development projects and plans." Sheikh Hamdan said Dubai, guided by the vision of Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum, has reinforced its status as one of the world's fastest-growing business hubs and plans to increase global trade to $544.4 billion in the coming years. Based on released data, exports grew 45 percent year on year (YoY) in H1 2021 to $29.8 billion, while imports rose by 29.3 percent YoY to $112.7 billion, and re-exports grew 28.3 percent YoY to $54 billion. The volume of Dubai's non-oil external trade in the first half of 2021 rose 10 percent to 48 million tons compared to 43.7 million tons in H1 2020. Exports skyrocketed 30.8 percent YoY to reach 10.1 million tons. Re-exports totaled 7 million tons growing by 10.6 percent, and imports rose by 4.25 percent to 31 million tons. DP World Group Chairman and CEO and Chairman of Ports, Customs and Free Zone Corporation, Sultan bin Sulayem said this trade growth reaffirms Dubai's ability to turn challenges into opportunities based on strategic plans that leverage the stability and flexibility of its economy. China maintained its position as Dubai's biggest trading partner in H1 2021 with $23.6 billion, while trade with India grew 74.5 percent YoY to $18.2 billion. Trade with the US amounted to $8.7 billion, and Saudi Arabia came fourth with $8.1 billion. Gold topped the list of commodities in Dubai's H1 external trade at 19.2 percent, followed by telecoms at 13 percent. Diamonds came third in the list at 8 percent, jewelry at 4.7 percent, and vehicle trade at 4 percent.

from Asharq AL-awsat https://english.aawsat.com/home/article/3212271/dubai-external-trade-increases-31-h1-2021