Dubai has managed to contain the effect of global commodities and products' drop down in prices and sustained a high-value foreign trade. Figures released by Dubai Customs show that Dubai's non-oil foreign trade in the first nine months of 2014 totaled Dh988 billion, with imports having the biggest share at Dh621 billion, exports at Dh86 billion and re-exports Dh280 billion. The impressive figures come at a time the World Bank stated that prices of commodities are seeing a steep drop in 2014.
Sultan Ahmed bin Sulayem, Chairman of DP World and Chairman of Ports, Customs, and Free Zone, said: 'Dubai's foreign trade scored steady growth in the first nine months of 2014 with top trading partners. China was Dubai's top foreign trade partner during the first nine months of the year, with a trade value of Dh126 billion, up 27 per cent on the same period as last year, followed by India with Dh80 billion, the USA with Dh61 billion, and Saudi Arabia -- positioned 4th globally and 1st among Arab countries -- with Dh40 billion. Dubai-Germany trade was up 25 per cent scoring Dh32.5 billion, while trading with Japan grew 13 per cent with a value of Dh31 billion.'
From January to September 2014, direct trade contributed Dh605 billion of Dubai's total foreign trade value, while free zones contributed Dh367 billion, and the customs warehouses Dh16 billion.
He further added: 'This comes in line with the directives of The President, His Highness Shaikh Khalifa bin Zayed Al Nahyan, declaring 2015 as the Year of Innovation, as well in parallel with the National Strategy of Innovation, devised by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai's initiative, crowning Dubai's effort towards nurturing knowledge economy, as per the Dubai Strategy Plan 2021 under the umbrella of UAE Vision 2021.'
Commenting on these figures, Ahmed Mahboob Musabih, Director of Dubai Customs, said: 'Dubai's trade statistics for the first nine months of 2014 clearly show the emirate's solid foothold as a regional and international trading and investment hub, as it maintained a high value despite the global decline in commodity prices. This reflects Dubai's trading capability to increase the volume of foreign trade, including imports, exports and re-exports, to compensate for any drop in prices. In the first nine months of 2014, Dubai's foreign trade neared Dh1 trillion, which further reinforces the diversity of the national economy structure.'
Phones topped other commodities in Dubai's non-oil foreign trade. Trading in phones recorded an 8 per cent growth, amounting to Dh129.4 billion. Meanwhile, Dubai's trade of motor vehicles and individual-use cars, including station wagons and racing cars, climbed 31 per cent to score Dh48.6 billion. On the other hand, computers recorded a 10 per cent growth at Dh40 billion, and petroleum oils grew 12 per cent and amounted to Dh30.5 billion.
Dubai's foreign trade markets expanded to include partners' from the five continents, spearheaded by Asia with a trade value of Dh610 billion, followed by Europe with Dh198 billion, then Africa with Dh89 billion, Dh72 billion trade volume with North America and Dh10 billion with South America, and Dh8 billion for Oceania, including Australia.
Source: Khaleej Times