Robust testimonial growth witnessed in Dubai’s Non-oil foreign trade during the first half of 2019

Image Credits: - Image by Paule_Knete from Pixabay

A surge of overall 5% year-on-year in the Dubai’s Non-Oil Foreign trade as it saw the total net value increase from AED 644 billion to AED 677 billion during the first half of 2019, as compared to corresponding half during the same period the previous year.

The first-half figures depicted a substantial growth as it witnessed nearly 87 percent surge than in 2009, thus amicably reflecting the emirate’s trade sector to raise its strength and competitiveness despite a challenging global trade environment.

Sheikh Hamdan Bin Mohammed Al Maktoum, prince of city and Chairman of Dubai council, noted a series of tweets regarding the accomplishment. He posted: “Dubai continues to surge towards achieving impactful growth rates.”

Exports registered the best rise at seventeen percent to succeed in Dh76 billion, whereas re-exports were up to three percent at Dh210 billion, and imports grew 4 percent at Dh390 billion.

Dubai’s non-oil foreign trade volumes surged 31per cent year-on-year high within the first half of 2019. As per the Data knowledge discharged by the city, customs showed that the whole amount of the emirate’s foreign trade reached fifty-six million tonnes, a record jump from forty-three million tonnes registered in H1 last year.

Exports rose by forty-six percent to ten million tonnes; re-exports were up 39 percent to nine million tonnes, and imports accrued 26 percent to succeed in thirty-eight million tonnes.

Commenting on the non-oil foreign trade growth, Sheikh Hamdan added: “The robust performance of Dubai’s international trade reflects the healthy fundamentals of our economy and as well our own ability to come up with new growth opportunities even in an adverse world setting.

“Dubai’s ability to take care of high levels of trade growth may be a tribute to the vision associate degreed coming up with of its leaders UN agency sought-after to drive economic diversification at an early stage and make a sturdy and soft infrastructure that empowers growth. It also depicts that Dubai has perpetually worked to introduce innovative policies and services that facilitate world trade through Dubai, within the method, reworking itself into one in all the world’s foremost commerce hubs.

Dubai’s flexibility, ability to adapt to alter and its responsiveness to the wants of companies and investors have created it a model for property growth.”

“The heterogeneous profile of Dubai’s foreign trade reflects not solely its strengths in old sectors; however, conjointly its emergence as a hub and major marketplace for technological innovation. The most recent results conjointly purpose to Dubai’s fast-paced growing commerce links with the world’s quickest growing economies. The city Silk Road project begins to require a form, the outlook for the emirate’s foreign trade is about to urge even higher,” Sheikh Hamdan additional.

The emirate’s foreign trade out of free zones was the most critical contributor to the rise in total interchange H1 2019, accounting for Dh287 billion (+12per cent YoY). Direct trade continuing to be the most significant contributor to the overall business at Dh386 billion (+1per cent YoY). Customs warehouses trade accounted for Dh4 billion.

All transfer modes witnessed an increase in prices in H1 2019. Air and ocean trade accounted for 83per cent of total business. Trade by land saw the best increase at Dh114 billion (+8per cent YoY), whereas air accounted for Dh311 billion (+3per cent YoY), and ocean trade recorded Dh252 billion (+6per cent YoY).

Sultan Bin Sulayem, DP World cluster Chairman and chief executive officer and Chairman of Ports, Customs and area Corporation (PCFC) said: “Undoubtedly these are challenging times with the world trade war and regional politics tensions inflicting uncertainty, and despite this scenery, Dubai has delivered non-oil trade growth of 5 percent within the H1 2019 to Dh676 billion. With the continuing upward trend of the foreign trade sector, we’ve more reasons to be positive regarding the longer term of our financial system.

“The robust growth delivered by non-oil foreign trade may be a healthy sign of, however resilient and appealing the city economy is that any reinforces Dubai’s profile as a key regional and international commerce hub.”

Bin Sulayem as well stated that the PCFC and city Customs are perpetually innovating and developing customs processes with the utilization of sensible, automatic technology-based systems to change traders to try and do business additional expeditiously whereas saving them time and value, which can boost growth any and add more price to commerce across the city.

Trade with India up by 20 percent

While China remained the biggest commerce partner, there was a 20 percent growth year-on-year in trade with India. The first 3 commerce countries by price remained identical as H1 2018, with the most crucial trading partners being China, followed by India and, therefore, the USA. These contributed Dh71 billion (+4per cent YoY), Dh67 billion (+20per cent YoY), and Dh39 billion (-1per cent YoY) severally to the total price listed in H1 2019.

Saudi Arabia maintained its position as Dubai’s largest Arab and GCC trade partner and fourth globally with Dh27.7 billion. Swiss Confederation came fifth at Dh26.5 billion price of the trade.

Trade-in precious metals and stones up to three percent The total price of gold, diamonds, and jewelry listed through the city in H1 2019 totaled Dh180 billion, a rise of 3per cent YoY. The telecommunication market (Dh79 billion) was the second-highest contributor, and interchange rock oil oils quite doubled from last year at Dh48 billion. Motors accounted for Dh33 billion.