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Fri 14 Oct 2016 01:23 AM

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Dubai's trade with Latin America grows to $4.63bn

New report by Dubai Chamber of Commerce and Industry also predicts continued growth to 2018

Dubai's trade with Latin America grows to $4.63bn

Dubai’s non-oil trade with Latin America reached AED17 billion ($4.63 billion) in value in 2015, according to a new study conducted by the Dubai Chamber of Commerce and Industry.

The sum shows growth by 26 percent when compared with the AED13.5 billion traded in 2010 while the report also predicts continued growth in trade until 2018.

The report comes ahead of the Global Business Forum on Latin America taking place on November 9-10 at Atlantis, The Palm, in Dubai.

The study indicated that Brazil tops the list of Dubai’s trade partners in Latin America, with 67 percent of the emirate’s total exports and imports.

Dubai’s cane sugar imports from Brazil reached AED1.9 billion in value, followed by gold at AED1 billion.

Mexico ranked as Dubai’s second-largest non-oil trade partner in Latin America, with the emirate’s mobile device imports alone reaching approximately AED1.3 billion in value, while the total value of imports of Mexican gold reached AED381 million.

According to the study, Dubai’s re-exports to Mexico of parts for use with lifting and moving machinery reached AED53 million in value, while re-exports of electric generating sets and rotary converters to Brazil, were valued at AED50 million.

Hamad Buamim, president and CEO, Dubai Chamber of Commerce and Industry, said: “Despite the instability unfolding in the global economy – accompanied with dwindling demand – Dubai has succeeded in attracting global capital, which stands to develop the economy, and cement Dubai’s position as a secure business destination, offering an ideal environment for business and entrepreneurship.”

He added: “Dubai has come to be known internationally for its favourable business environment due to our visionary leaders who encourage future-focused planning, and formulating innovative strategies that reflect positively on the competitiveness of Dubai’s imports in the global markets. This leads to increased global demand for the emirate’s imports and, subsequently, to a more developed trade network.”

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