Dubai – Mubasher: Dubai’s external non-oil trade reached AED 1.3 trillion in the full-year 2018 in spite of a plethora of global challenges putting sands in the wheels of trade growth.

Trade tensions between major economic powers and a global growth slowdown have dented the emirate’s trade growth, state-news agency WAM reported on Sunday.

Recent data showed that Dubai is steadily moving forward as a leading international and regional trade hub due to connecting diverse international markets.

“The current growth of Dubai’s non-oil foreign trade is an indication that we are on the right path of revenue diversification in alignment with the values and standards outlined in the 50-Year Charter,” Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, commented.

Trade through free zones increased by 23% year-on-year to AED 532 billion during the year ended 31 December 2018, Dubai Customs said.

The emirate’s direct trade recorded AED 757 billion, while customs warehouse trade weighed in at AED10.4 billion.

Similarly, re-exports levelled up 12% on a yearly basis to AED 402 billion over the course of the previous year, while imports totalled AED 770 billion and exports AED 127 billion.

“The Dubai Silk Road Strategy supports decades of successful investment in developing the emirate’s infrastructure,” Al Maktoum added.