Dubai has recently recorded as it grossed net worth Dhs551 Billion Non-Oil External trade club during H1 2020

With the Dhs66.4 Billion trade worth, China has remained Dubai’s core trading partner within the Non-Oil External trade. India followed China to get hold of the second spot with Dhs38.5 Billion aid for external non-oil trade aid, with US following on third position with Dhs31.7 Billion and Switzerland at Dhs24.3 Billion.

Although the Emirate was exceptional in having reported a Dhs551 Billion worth of the non-oil external trade during the first half (H1) this year in 2020, its overall production value slumped down 18.5 percent compared to Dhs676 Billion record comparatively during the same time frame during the previous year in 2019.

The kingdom of Saudi Arabia was its largest Gulf and trading partner as usual, to retain the 5th spot amongst largest global trading partners post Switzerland with an aggregated trade value at Dhs24.1 Billion.

The overall imports outclassed the overall exports wherein the former recorded Dhs320 Billion net worth of imports over Dhs77 Billion of exports. The overall aggregated net worth of re-exports was accounted to be at Dhs154 Billon.

Within May, the emirate’s external class trade had surged up 17.2 percent as comparatively to the previous month to achieve a net worth of Dhs75 Billion, and it again surged up during June 20 percent to be at Dhs90 Billion.

The Airborne trade accounted a massive 45 percent of overall trade business revenues to be at Dhs250 Billion followed by Sea route trade that accounted for 39 percent to aggregate Dhs212 Billion, and the trade via land amounted for 16 percent to aggregate Dhs89 Billion.

As per the estimated records, in an overall 44 Million tonnes of the goods were traded via Dubai that also included imports that accounted for 30 Million tonnes, exports accounting for 8 Million tonnes and Re-exports accounting for 6 Million tonnes.

There was 41 percent of trade done via free zones accounting for Dhs227 Billion, while the trade via customs warehouses were accounted to be at 1 percent overall to be at Dhs4 Billion.

If we ponder upon the nations individual direct trade statistics during the closure of first half (H1 2020) represented 58 percent of the external trade to be at Dhs320 Billion.

Pondering upon the estimated statistics, following was the conclusions that came across the following time period of H1 2020: –

  • Amongst the list of Non-Oil trade commodities, luxurious commodities like Gold, Diamonds, Jewellery were amongst the maximum traded and they alone had grossed Dhs140 Billion.
  • Telecoms followed the next in Non-Oil trade commodities that grossed Dhs70 Billion.
  • Automotive or Motor sector came distant third grossing Dhs25.6 Billion.
  • Petroleum Oils stood in fourth position in non-oil trade commodities list grossing Dhs21 Billion.
  • Computers followed Petroleum Oils in list of non-oil trade commodities grossing Dhs19 Billion.

Food trade surged 15 percent to be at 9.1 million tons as comparatively to the first half during 2019 with an estimated value gross at Dhs32 Billion. Medical supplies and Medicines trade also surged 19 percent to be at Dhs12.4 Billion as comparatively to H1 2019 records.

E-commerce sector was the largest contributor in the Non-Oil External trade, as the Emirate dispatched 4.3 Million E-commerce parcels within H1 2020. The net transactions were surged 150 percent comparatively to the same corresponding time period the previous year during 2019.

Ahmed Mahboob Musabih, Director General of Dubai Customs stated that “Despite the twin shocks and crisis, custom transactions processed by utilizing the Dubai Customs gushed 41 percent within H1 2020 in imitation of attaining 7.2 Million transactions. Dubai Customs endured in accordance to enhance as well as launch modern initiatives. These included Siyaj (Fence), the initial integrated 24/7 control provision globally constructed in accordance with managing the Dubai’s varied ports, specifically the Creek Port and Hamriya Port. Dubai Customs additionally launched the Cross-Border E-commerce Platform after inspiring e-commerce agencies in conformity for setting up their trading units into Dubai.”

Sultan bin Sulayem, DP World group chairman and CEO as well as the chairman of Ports, Customs and Free Zone Corporation stated further that “Dubai’s exterior trade arena has proven an excessive stage concerning preparedness in conduct together with the crisis. During the pandemic, Dubai launched a series of varied stimulus packages on the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler regarding Dubai, to aid the emirate’s enterprise quarter yet decrease the have an impact on prevailing global financial conditions. The economy has efficaciously navigated the turbulence in global markets by way of forging partnerships with markets much less affected with the aid of the financial crisis.”

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