February 24, 2024

During the initial quarter this year, the UAEs Commercial Hub Dubai’s Non-oil commercial foreign trade progresses by 10% to touch $96.5bn

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  • During the initial three months of this year 2021, the China still remained the emirate’s leading and major trading partner having garnered a total trade worth of Dh44Bn.
  • During the initial quarter of this year, as the emirates economy endured to bounce back thanks to a swift vaccination drive as well as governmental stimulus aids, the emirates Non-Oil (Private) commercial foreign trade endured to attain a steep, steady rise at 10 percent as its overall net commercial foreign trade stood at Dh354.4 billion ($96.5bn), as comparatively to Dh323bn in the same period the preceding year.
  • The Dubai’s Economy is anticipated to progress by 4 percent this year, according to government forecasts unconfined in December. The emirate has divulged stimulus packages worth Dh7.1bn since the outburst of COVID-19 Catastrophe to provision the economy, trades and individuals.

On the driving force or the backdrop of better exports that had upsurged 25 percent to Dh50.5Bn and imports that witnessed an overall upsurge of 9 percent to touch a base of Dh204.8Bn, as well as the overall net worth of the re-exports that witnessed an upsurge of 5.5 percent to touch at Dh99Bn.

The Crown Prince of Dubai and chairman of the emirate’s Executive Council, Sheikh Hamdan bin Mohammed stated “This remarkable growth will get us closer to the ambitious target of Dubai’s five-year strategy – to raise the value of external trade to Dh2 trillion and consolidate its position as a bridge connecting regional and international markets by constantly enhancing its infrastructure and logistics services. By hosting Expo 2020 … Dubai will make a significant contribution to the recovery of the global economy and help it move towards prosperity again.”

The Chairman and Chief Executive of DP World Group, Sultan bin Sulayem, stated out that; “Dubai recovered quickly from the repercussions of the current global crisis and has resiliently grown its trade, spurred by its strong investments and advanced technological capabilities, which enabled it to continue its global trading activities during what has been a testing time. The impressive success of the vaccination campaign in the UAE has created high levels of global confidence in the country and helped Dubai add to its profile as the city with the world’s most favourable business environment.”

As per the latest fresh statistics, the direct trade access within the initial quarter progressed by 15 percent annually to a net worth of Dh217bn while trade finished free zones was up 2 percent to Dh135bn. Customs warehouse operatives upsurged by 23 percent to touch a base of Dh2.3bn.

The overall airborne trade operatives upsurged to 15 percent to touch a base of Dh179Bn while the Seaborne trade operatives witnessed an overall progression of 3 percent to touch a base of Dh120Bn and the land commercial trade upsurged 7 percent to touch base of Dh55.3Bn.

China sustained its position as Dubai’s principal trade partner with Dh44bn worth of trade, tracked closely in tandem by India and the US at Dh35bn and Dh15.4bn, respectively. Saudi Arabia, Dubai’s major trade partner in the Gulf territory and Arab world, was overall fourth on the global list with Dh14.7bn worth of trade. Turkey was fifth with Dh12bn in trade post a progression of 72 percent during the quarter.

As well as the Chairman of the Ports, Customs and Free Zone Corporation, Mr Bin Sulayem, was prompt in stating that; “We lead the way in connecting the east with the west and north with south through a number of leading global projects, including the World Logistics Passport, which Dubai launched to facilitate international trade exchange and build a global logistics network. The initiative provides economic advantages to member countries such as Indonesia, India, Thailand, South Africa and Brazil.”

Global trade is anticipated to nurture by 8 percent this year as impetus procedures and expenditure plans signal an economic progress in the US and Europe.

In terms of merchandizes and services, gold surpassed the list of possessions post the worth of trade in the metal nurtured by 27 percent to Dh63bn during the reporting period, closely followed by telecoms, whose overall worth upsurge by 32 percent to Dh50bn. Diamonds were third after top upsurge of 61 percent that enhanced trade value to Dh29bn., followed by jewellery at Dh17bn and automobiles trade at Dh14bn.

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