By Staff writer
Officials hail economic performance in emirate amid oil price slump; China remains largest trading partner
Dubai’s non-oil foreign trade fell marginally to AED966 billion ($262.9 billion) during the first nine months of 2015, according to official data.
Figures show that trade between January and September 2014 fell from AED988 billion during the same period last year.
A statement said Dubai had managed to contain the impact of the instability of the global economic environment, marked by a decline in commodity prices and currency rates, to maintain a strong economic performance in 2015.
It said imports had the biggest share of the overall trade with a value of AED597 billion while exports and re-exports totalled AED100 billion and AED269 billion respectively.
From January to September 2015, direct trade contributed AED603 billion of Dubai’s total foreign trade value; while free zones contributed AED340 billion and customs warehouses AED23 billion, added the statement, cited by news agency WAM.
Sultan Ahmed bin Sulayem, chairman of Ports, Customs and Free Zone Corporation (PCFC), and chairman of DP World, said: "Dubai has been exemplary in surmounting the impact of the trade and economic hardships the world is currently facing.
"The foreign trade sector has enhanced Dubai’s capacity to build sustainable economic growth. Alongside other economic sectors, particularly tourism, it has positioned Dubai as a leading global and regional trading and business hotspot, in spite of the general slowdown in the world economy," he said.
According to the figures, Dubai has seen a "substantial upsurge" in the total volume of goods imported, exported or re-exported via the emirate.
The quantity of commodities traded rose 5 percent from 60.6 million tons in the first nine months of 2014 to 63.7 million tons in the same period in 2015 - a growth of 3.1 million tons.
The impact of declining gold prices was contained by an increase in its traded volume to 1.028 million kilograms in the first nine months of 2015, compared to around 977,000 kilograms in the same period of 2014.
Gold also had the second biggest share in the total value of Dubai foreign trade during January-September 2015 with a value worth AED92.54 billion. Phones and telecommunications equipment came first with a 6.3 percent growth and AED137.6 billion market share.
China was once again Dubai’s top trading partner worldwide, with a total bilateral trade value of AED132 billion in the first nine months of 2015, which represents a growth of 5.1 percent compared to the same period of 2014.
India was the second biggest trading partner at AED74 billion, while the US came third with AED60 billion worth of trade.