Dubai’s nonoil foreign trade exceeded AED1.32 trillion in 2013, a rise of AED94 billion than 2012.
Sheikh Hamdan bin Mohammed bin Rashid Al-Maktoum, Dubai Crown Prince and chairman of the Dubai Executive Council, said Dubai is taking huge leaps ahead with the announcement of the Smart Dubai initiative, which aims to raise the bar in enhancing the overall performance of Dubai government sectors and boost the economic sector in particular.
As far as Dubai’s imports are concerned, China leads the list of trading partners followed by the US and then India.
As for re-exports, Saudi Arabia comes first, followed by India and then Iraq.
India, Turkey and Switzerland are respectively the leading partners of Dubai in terms of exports
The year 2013 saw a remarkable 10 percent increase in tourist numbers to 11 million occupying Dubai hotels, with the number of passengers traveling through Dubai International Airport rising by 15.2 percent to 66.4 million passengers.
Moreover, new trade licenses recorded an increase of 12 percent that is equal to 18,700 licenses, while the total amount of real estate transactions in Dubai grew by 53 percent exceeding AED236 billion.
In addition, another record year was delivered in container volumes with the total number of containers handled reaching 13.6 million TEU.
In response to this massive leap in economic performance, foreign trade hits a growth rate that exceeds twice WTO’s forecasted 2.5 percent global trade growth.
“Dubai foreign trade growth of 8 percent reflects the emirate’s capability to enhance its trade dealings at all levels. The emirate’s imports saw an increase of AED74 billion to reach AED811 billion in 2013, compared to AED737 billion in 2012. On the other hand, exports and re-exports increased by AED20 billion with a total value of AED518 billion, compared to AED498 billion registered last year,” said Ahmed Butti Ahmed, executive chairman of Ports, Customs and Free Zone Corporation and director general of Dubai Customs.
Dubai’s direct trade with the outer world rose to AED846 billion, up from AED808 billion.
Dubai free zones trade volume recorded AED467 billion, compared to AED417 billion. Customs warehouse trade went up from AED10 billion to AED16 billion.
The diversity of Dubai’s foreign trade growth sources supports the emirate’s ability to secure high performance levels that can further boost its economy.
In 2012, foreign trade with Dubai’s top five trading partners reached AED468 billion, while with the remaining partners the volume stood at AED861 billion.
India tops Dubai’s major trade partners with a total trade volume of AED137 billion representing a 10 percent share.
China comes second with a value of AED135 billion, which accounts for around 10 percent.
The US is third with AED86 billion, that is a 6 percent share.
Saudi Arabia rises to the fourth position with a total share of 4 percent amounting to AED56 billion, then the UK with a total share of approximately 4 percent accounting for AED54 billion.