Dubai’s non-oil foreign trade has climbed to a record AED 602 billion during the first half of 2012, reflecting a 12 per cent increase compared to the AED 537 billion achieved over the same period in 2011, according to the latest statistics from Dubai Customs.
Ahmed Butti Ahmed, Executive Chairman of Ports, Custom and Free Zone Corporation, and Dubai Customs Director General, explains that these figures include non-oil direct trade, free zone trade and customs warehouses. Dubai’s imports have shown a growth of 11.5 per cent in H1 2012, fetching AED 357 billion compared to AED 320 billion in H1 2011; while the value of exports and re-exports hit AED 245 billion with a growth rate of 13 per cent as compared to AED 217 billion over same period last year.
He commended Dubai’s foreign trade sector for breaking the barrier of AED 600 billion for first time in its history, noting that this sector has suffered major losses in 2009, dropping from AED 458 billion in 2008 to AED 361 billion in H1 2009 amid the global economic crisis. Nonetheless, the sector managed to get back on track during first halves of 2010 to 2012, registering AED 436 billion in 2010, AED 537 billion in 2011 and AED 602 billion in 2012.
Ahmed Butti Ahmed further pointed out that the Department is continuing to establish better regulations and customs procedures, which provide more facilities for traders, cargo companies and all customers within a more attractive investment environment. Dubai Customs looks toward promoting Dubai’s position as one of the world’s leading financial and business hubs, as well as preserving its gains as a crucial link in global trade connecting various countries through a robust network of ports and airports.
Unwrought, worked and semi-manufactured gold topped the list of Dubai's imports reaching AED 59 billion during the first half of 2012, followed by jewelry at AED 25 billion, diamonds at AED 24 billion, telecom equipment at AED 23 billion and automobiles at AED 15 billion.
Gold was also ranked as the top exported product from Dubai during H1 2012, at a value of AED 42 billion, followed by diamonds at AED 8 billion, jewelry and precious metals at AED 3 billion, aluminum at AED 2 billion and non-crude oil at AED 2 billion.
In terms of re-exported products from Dubai, telecom equipment came in first at AED 29 billion, followed by diamonds at AED 15 billion, jewelry and precious metals at AED 11 billion, oil products at AED 10 billion, and IT machinery at AED 9 billion.
According to the figures released by Dubai Customs’ Department of Strategy and Corporate Excellence, India has managed to maintain its position as Dubai’s top foreign trading partner with a total trading value of AED 77 billion (13 per cent of Dubai’s overall foreign trade exchange); while China came in second with AED 53 billion (9%), followed by the US at AED 36 billion (6%), Switzerland at AED 32 billion (5%) and Saudi Arabia at AED 23 billion (4%). Accordingly, Dubai’s trade exchange value with these top five countries hit AED 221.