Dubai has reached a new five-year high for exports and re-exports and saw a 19 percent increase totaling Dh 425 billion in non-oil trade during the first three quarters of this year.
The region’s direct non-oil trade climbed to new heights during the third quarter, reaching Dh 425 billion. This rise is a 19 percent jump in comparison with the same period last year, when Dh 358 billion was recorded.
Director-General at Dubai Customs, Ahmed Butti, noted in the interview to Khaleej Times that the indicators in the non-oil trade of Dubai are all reporting positive outcomes for the time frame between January and September of this year. Butti also stated that this indicates the economy is steadily recovering and improving.
Butti stated that records have been set in exporting as well as re-exporting during this year’s opening nine month period, when looked at in comparison to that same period during the past five years. Statistics report that non-oil export values have risen over Dh 50 billion by the close of the three most recent quarters, a rise of 38 percent in comparison to last year’s three quarter period where Dh 36.5 billion in exports were recorded.
The director-general noted that the numbers showed a competitive strengthening of products from the UAE in global markets backed by high quality and diversification within the production base, which presents export firms with a variety of options.
Re-exports have been growing as well, with an increase worth Dh 106 billion and marking a 22 percent rise in comparison to last year’s three quarter period that reported Dh 87 billion.
Butti noted that activities in re-exports are improving and reflect the effectiveness of the systems Dubai has provided, regulations and infrastructure that meet both the investor’s needs and the stakeholder’s expectations to boost trading in the emirate.
For the end of the third quarter imports from Dubai are valued at Dh 269 billion in the global markets, a rise of approximately 14 percent in comparison with the same period in 2009 that saw an import value of Dh 235 billion.
Butti said that the rising imports are an indication of the larger purchasing power found in the local UAE markets, opening up vast amounts of opportunity for business investments around Dubai and in other regions of the UAE.
India has the largest portion of the non-oil trading with Dubai, a 26 percent share of the overall trading worth Dh 112 billion in total.
Butti noted that the imports coming in from India were approximately Dh 51.5 billion, accounting for 19 percent of the total imports in Dubai. Exports from Dubai to India totaled Dh 21.5 billion, accounting for 43 percent of the overall Dubai exports.
China had the second highest import trading with Dubai, totaling Dh 33 billion or 12 percent, while the US was third with Dh 20.5 billion or 8 percent.
On the export side, Switzerland had the second highest with Dh 9 billion and Saudi Arabia had Dh 2 billion.
Dubai’s trade within free zones rose to 22 percent over the past nine months totaling approximately Dh 234 billion, a jump from last year’s Dh 192 billion total. Warehouse trade within the Dubai Customs rose substantially to hit Dh 2.4 billion, a value that is 117 percent higher than last year’s total of approximately Dh 1.1 billion, according to Butti.Paul Holdsworth, Staff Writer, Gulf Jobs Market News