By Staff writer
Sector fell below the AED1 trillion mark, mainly due to a 8.27% drop in exports and re-exports
Dubai’s non-oil foreign trade slipped below the AED1 trillion mark during the first nine months in 2014, down 2.081 percent year-on-year, mainly due to exports and re-exports declining 8.27 percent, according to the latest official figures released at the Dubai Customs.
Figures show that the emirate’s non-oil foreign trade between January and September 2014 amounted to AED988 billion ($220.79 billion), compared to AED1.009 trillion during the same period last year.
Analysis of the data showed that while imports, which represents 62 percent of all non-oil trade, amounted to AED621 billion, up 1.8 percent year-on-year. However, the overall number was dragged down by the 8.27 percent decline in exports and re-exports, which totalled amounted to AED366 billion.
The latest figures come at a time when the World Bank has warned that the prices of commodities are witnessed a steep drop in 2014, Dubai Customs said.
Commenting on the results, HE 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 AED126 billion, up 27 percent on the same period as last year, followed by India with AED80 billion, the USA with AED61 billion, and Saudi Arabia - positioned 4th globally and 1st among Arab countries - with AED40 billion.
“Dubai-Germany trade was up 25 percent scoring AED32.5 billion, while trading with Japan grew 13 percent with a value of AED31 billion,” he added.
The report found that direct trade contributed AED605 billion of Dubai’s total foreign trade value, while free zones contributed AED367 billion, and the customs warehouses AED16 billion.
Commenting on these figures, HE 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 AED1 trillion, which further reinforces the diversity of the national economy structure.”
Mobile phones were the big growth sector during the review period, recording an 8 percent growth and amounting to AED129.4 billion.
Dubai’s trade of motor vehicles and individual-use cars, including station wagons and racing cars, climbed 31 percent to score AED48.6 billion. Computers recorded a 10 percent growth at AED40 billion, and petroleum oils grew 12 percent and amounted to AED30.5 billion.
In terms of regions, Asia accounted for AED610 billion (61 percent), followed by Europe with AED198 billion ($20 percent), then Africa with AED89 billion (9 percent), AED72 billion ($7.28 percent) trade volume with North America and AED10 billion (1 percent) with South America, and AED8 billion (0.8 percent) for Oceania – including Australia.