Promise within economy evident by the trade growth as Ahmed Butti heralds high figures for January.
The non oil world trade of Dubai hit a record high in January. Reaching levels above AED 55bn, trade increased by 28 percent when compared to the AED 43bn posted last year.
Dubai Custom’s director general, His Excellency Ahmed Butti Ahmed, noted that his organization’s data indicated that Dubai is keeping their average growth rate for world trade up at 19 percent, the highest level in comparison to those seen over the past five year period, a clear indication that Dubai’s external trade is returning to steady growth. Ahmed Butti is also the Executive Chairman of Ports at the Customs and Free Zone Corporation.
His Excellency said that this increase is a significant indication that business opportunities are present in Dubai. These positive conditions are a result of the sophistication present in Dubai’s infrastructure, as well as the facilitations, legislation and laws present in the emirate to keep the market competitive and provide opportunities that are equal for all.
His Excellency noted that upgrades to the system and projects of modernization undertaken by Dubai Customs led to the facilitation of legitimate trade between the emirate and world partners. At the same time, these moves also fostered the status of the emirate as an important hub in the intercontinental trade between the East and the West, according to Ahmed Butti.
January’s growth was noted in the exports that rose by 35 percent, going from the AED 4.9bn reported in 2010 to higher than AED 6.6bn this year. Re-export operations rose by 31 percent, going from AED 10.5bn in 2010 to AED 13.7bn in 2011.
The Director General for Dubai Customs noted that this growth is a result of the logistics offered in Dubai, as well as the strategic geographic location, the advancements in customs, the expanding maritime industry and the potency the emirate has when sustaining legitimate trade while preventing restricted trade.
In external world trade, His Excellency stated that Dubai’s imports accounted for 63 percent of the total non oil trade in January, totaling AED 35bn. This was a 26 percent increase over last year’s figure of AED 27.8bn.
India held onto the lead, continuing to have the largest non oil trade with Dubai including import and export operations, as well as re-exports. The total amount of trade exchanges that went between Dubai and India was valued at AED 15.8bn for January, accounting for 29 percent of the total world trade the emirate experienced in January.
China came in at second place for imports with around AED 4bn and the UK landed in third place at AED 3bn. In regards to exports, Singapore was second with AED 566mn and Thailand landed in third totaling AED 359mn in exports.Paul Holdsworth, Staff Writer, Gulf Jobs Market News