World Economy

Dubai Non-Oil Trade Falls

Dubai Non-Oil Trade FallsDubai Non-Oil Trade Falls

Dubai’s non-oil foreign trade fell to AED1.283 trillion ($349.3 billion) in 2015 from AED1.331 trillion in the previous year.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and chairman of Dubai Executive Council, announced that Dubai recorded AED796 billion in imports, AED132 billion in exports, and AED355 billion in re-exports last year, Arabian Business reported.

He said that economic diversification strategies of Dubai and the UAE are achieving their objectives amid a slowdown in international markets.

He said in comments published by the news agency WAM that Dubai’s trade sector “continues to demonstrate strong performance and significantly contributes to the country’s economic growth”.

Non-oil foreign trade will play a crucial role in the national economy in an era of cheap oil, he was quoted as saying.

Despite the fluctuations in international trade in 2015, the slump in global markets and the decline in basic commodity prices, he said Dubai has diversified its foreign trade.

Telephones represented the most traded commodity with a total value of AED185 billion while Dubai maintained its position as a global hub for precious metals and stones trading.

Gold trading was valued at AED117 billion, diamond at AED94 billion, and jewelry at AED65 billion.

Automobile trading also maintained its position among the leading trading sectors in 2015 at AED68 billion.

The bulk weight of traded goods surged by 6% to reach 85 million tons compared to 81 million tons in 2014.

Direct trade accounted for the largest share of Dubai’s total foreign trade at AED802.14 billion, while free zones and customs warehouses contributed AED447.23 billion and AED33.16 billion respectively.

China maintained its position as Dubai’s leading trading partner with AED176 billion of trade, followed by India with AED96 billion and the United States with AED82 billion.

Saudi Arabia maintained its position as the top Arab and (Persian) Gulf Cooperation Council trading partner and fourth globally with AED57 billion.