World Economy

Dubai’s Foreign Trade Falls

Dubai’s Foreign Trade FallsDubai’s Foreign Trade Falls

As re-exports shrank, Dubai’s non-oil foreign trade fell marginally in the first-half of the year. The total trade during the first six months of 2016 ending on June 30 was AED647 billion ($176.1 billion), down by 0.77% from AED652 billion recorded in the corresponding period last year, according to the figures revealed by Dubai Customs.

As always, imports made up a large part of the emirate’s trade. With AED401 billion, they accounted for 61.98% of the total trade during the period under review. However, the figure was encouraging as it was down from last year’s AED402 billion, AMEinfo reported.

Re-exports totaled AED172 billion during the first-half marking a drop from AED185 billion from the year earlier period.

Nonetheless, exports from the city swelled from AED65 billion in H1 2015 to AED74 billion this year.

Dubai also saw a 17% upsurge in total volume of traded goods, rising as high as 49 million tons in commodities, from 41 million tons in the same period last year, Dubai Customs said.

Smartphones, mobiles and fixed phones made up the largest group of commodities traded through Dubai’s borders, with a total value of AED84 billion, while computers amounted to AED20 billion.

Gold represented AED75 billion of Dubai’s total foreign trade, while diamonds reached AED51 billion worth of trade and jewelry was valued at AED34 billion.


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