Dubai's non-oil foreign trade totals $86.8bn in Q1

Volume of traded goods jumps by 17% from the same period last year to reach 24 million tonnes
Dubai's non-oil foreign trade totals $86.8bn in Q1
By Staff writer
Tue 14 Jun 2016 01:42 PM

Dubai registered non-oil foreign trade worth AED319 billion ($86.8 billion) in the first quarter of 2016.

The volume of traded goods jumped by 17 percent from the same period last year to reach 24 million tonnes, according to statistics released by Dubai Customs, reported news agency WAM.

The figures showed that the growth was the result of re-exports of commodities soaring 35 percent to 4.1 million tonnes, exports rising by 26 percent to 4.58 million tonnes, and imports going up 11 percent to 15.25 million tonnes.

Imports contributed AED196 billion, exports AED36 billion, and re-exports AED87 billion, the report said.

"Dubai continued to demonstrate its resilience to global growth challenges and market fluctuations due to slowdown in all key economies of the world. This reflects the emirate’s role as a hub for international trade at the crossroads of Eastern and Western markets," it added.

Sultan Ahmad Bin Sulayem, chairman and CEO of DP World and chairman of Ports, Customs and Free Zone Corporation, said: "The safe-haven sector of foreign trade in the emirate of Dubai is gaining greater momentum at the present stage of the UAE’s economic development, where it is moving ahead into the post-oil phase to boost the nation’s diversified economy and ensure its sustainability."

Bin Sulayem noted that the growth prospects of the foreign trade sector are now even more promising, given the rapid growth of the UAE and Dubai as knowledge economies, propelled by the ambitious goals of UAE Vision 2021 and Dubai Plan 2021, and the hosting of mega events such as Expo 2020.

For all the latest GCC news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.