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Dubai’s Crown Prince said on Saturday that the emirate has set an “example for the world” for dealing with the economic impact of the coronavirus pandemic as non-oil foreign trade topped AED1.1 trillion in 2020.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said Dubai’s non-oil foreign trade had strongly rebounded from the challenges posed by Covid-19 and the suspension of business activity across the world in the first half of last year.
Dubai’s foreign trade in 2020 touched AED1.2 trillion with total trade volume reaching 100 million tonnes, driven by a 6 percent year-on-year volume growth in the second half of the year.
The overall value of exports in 2020 grew 8 percent to AED167 billion while imports accounted for AED686 billion and re-exports totalled AED329 billion.
China maintained its position as Dubai’s largest trading partner in 2020 with AED142 billion worth of trade, followed by India and the US. Saudi Arabia continued to be Dubai’s largest Gulf and Arab trade partner and its fourth largest global trade partner.
Gold topped the list of commodities in Dubai’s 2020 external trade at AED213 billion, followed by telecoms at AED153 billion. Diamonds, petroleum oils and jewellery were also prominent in the data.
Sheikh Hamdan, also chairman of Dubai Executive Council, said in comments published by state news agency WAM: “The exceptional growth performance of Dubai’s external trade sector reflects the emirate’s impressive resilience and its ability to recover and grow amidst international crises.
“Dubai has set an example for the world in dealing with both the economic and health repercussions of the pandemic. We were able to quickly renew our momentum of growth and reestablish our global leadership in various sectors.”
He added: “This growth has been made possible by robust governance and the stimulus packages the Dubai Government launched under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
“The stimulus packages included a number of initiatives to support the foreign trade sector and enable it to continue playing its important role in national economic growth.”
Sheikh Hamdan (pictured below) also said the 2020 figures will boost the implementation of Dubai’s five-year plan to expand its external trade to AED2 trillion.
Dubai’s new international trade map will see an expansion in air and sea navigation routes, with 200 new cities set to be added to the emirate’s existing network of 400 cities.
Sultan bin Sulayem, DP World Group chairman and CEO and chairman of Ports, Customs and Free Zone Corporation said: “Dubai’s external trade sector impressively overcame the impact of a global trade downturn in 2020. With the gradual opening of borders, Dubai’s trade volumes started recovering and growing quickly in the second half of 2020.”
In the third quarter, Dubai’s trade surged 34 percent compared to Q2 while in Q4 trade grew by 7 percent compared to Q3.
“The resumption of trade with Qatar, the start of trade engagement with Israel, the positive spin-offs from hosting Expo 2020 and the launch of the Dubai 2040 Urban Master Plan will all contribute to accelerating the emirate’s growth momentum,” Bin Sulayem (pictured below) added.
Dubai’s direct trade in 2020 totalled AED711 billion, while trade through free zones reached AED464 billion and customs warehouse trade weighed in at AED7 billion.
Airborne trade accounted for AED559 billion, sea trade reached AED421 billion while land trade touched AED203 billion.
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