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Dubai’s non-oil foreign trade hits AED 339bn in Q1

Dubai’s non-oil foreign trade hits AED 339bn in Q1
Exports rose by 30% year-on-year in Q1-19, recording AED 42 billion

UAE – Mubasher: The non-oil foreign trade in the emirate of Dubai valued at AED 339 billion in the first quarter of 2019, up 7% year-on-year from AED 316 billion, state-run agency Emirates News Agency (WAM) reported, citing Dubai customs.

Exports rose by 30% year-on-year in Q1-19, recording AED 42 billion, while re-exports increased by 7% to AED106 billion, Dubai Customs revealed.

Meanwhile, imports grew by 4% to AED 190 billion at the end of March 2019.

The non-oil trade volumes of Dubai jumped by 32% to 28 million tonnes in Q1-19, compared to 21 million tonnes in Q1-18, according to data released by Dubai Customs.

In terms of volumes, exports surged by 94% to six million tonnes, while re-exports grew by 41% to four million tonnes and imports rose 16% to 17 million tonnes.

Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and chairman of Dubai Executive Council, said: “This robust performance and marked 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.”

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

Trade through free zones grew by 20% year-on-year to AED147 billion in Q1-19, while direct trade contributed around AED 189 billion to total trade and customs warehousing accounted for AED 2.3 billion.

Moreover, air and sea trade made up 85% of the total trade in the three-month period ended 31 March; air trade accounted for AED 158 billion and sea trade registered AED 129 billion. Meanwhile, trade by land stood at AED 52 billion.

Dubai’s trade with Asia grew by 7% to AED 208 billion in Q1-19, while trade with Europe hit AED 58 billion and trade with Africa reached AED 42 billion, Dubai Customs said.

The top three trading partners of Dubai remained the same as Q1-18; namely China, India, and the US. The three countries contributed AED 36 billion, AED 33 billion, and AED 20 billion, respectively, to the total value traded in Q1-19, data showed.

At the level of the Arab world, Saudi Arabia was the largest trade partner of Dubai in Q1-19 with non-oil trade worth AED 13.2 billion.