By Andy Sambidge
Crown Prince Sheikh Hamdan says he expects further 'tremendous growth' following Expo 2020 victory
Dubai's non-oil foreign trade crossed the AED1trn ($272.3bn) barrier during the first nine months in 2013, compared to AED918bn in the same period in 2012.
Dubai Customs statistics showed that Dubai's imports reached AED610bn, compared to AED546bn in the year-earlier period with exports and re-exports rising to AED399bn from AED372bn.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and chairman of the Dubai Executive Council, said Dubai's trade sector will "undoubtedly witness tremendous growth over the coming few years" following the announcement that the emirate will host the World Expo 2020.
"Dubai's highly reliable and efficient infrastructure and quality logistic services will be strong assets to facilitate and support the expected trade growth across the region," he said.
He also expressed satisfaction regarding the "strong results and the steady increase in the volume of Dubai's foreign trade exchanges".
Sheikh Hamdan said: "Trade is one of the key pillars in the overall structure of our local economy and a main driver for its growth. We look at the rising curve in trade volumes as an indicator of the success of our developmental strategies."
Ahmed Butti Ahmed, executive chairman of Ports, Customs and Free Zone Corporation and director general of Dubai Customs, added: "The roadmap to the development of Dubai's foreign trade for the upcoming years is crystal clear now... we need to implement commercial strategies that respond to the nature of on-going transformations in global economy."
India ranked first among Dubai's total non-oil foreign trade partners as trade volumes reached AED111bn, followed by China with AED99bn, and the US with AED65bn.
Gold represented the largest share of Dubai's imports, followed by cellular and wired communication devices, then diamond, cars, and jewellery.
As for exports, gold came first, followed by raw aluminum, then petroleum oils, jewellery, cigars, cigarettes and tobacco alternatives.