The amount of non oil global trade that Dubai recorded in 2010 rose by an astounding 18 percent, totaling AED 576 billion up from the 2009 figures of AED 488 billion.
Dubai Customs’ director general and executive chairman for the Ports, Customs and Free Zone Corporation Ahmed Butti Ahmed, claimed that the reported data indicates a marked improvement in Dubai’s non oil trading.
Statistics from Dubai Customs show that there have been records set in both exports and in re-exports. This is evidence of the strength in the Dubai Economy and highlights the emirate’s important position in global and local business activity, according to Ahmed.
The direct exports flowing from Dubai in 2010 climbed to AED 68 billion, which is 30 percent more than the AED 52 billion recorded in 2009. This increase indicates that local products from the UAE are good quality and highly competitive within the global markets as demand continues to increase. Better facilitation of customs has also helped boost the amount of exporters in operation.
The figures for Dubai exports were larger than those seen in the last five years. In 2006 the exports hit over AED 18 billion, increasing to AED 27 billion the next year and hitting AED 43 billion by 2008. Ahmed noted that higher re-export figures may be a result of improved infrastructure in area airports and seaports or of a more developed and secure transportation network. Also the strategic location and developing procedures in customs have been advantageous. All of these factors have helped the economy to recover. Re-exports have also been boosted by the busy air traffic in Dubai and the features that have attracted world famous shipping lines to the area.
According to Ahmed, re-exports within the past year have climbed higher than any other in the last five years. The non oil trade revenues for Dubai within external markets have seen the accumulation of the most dividends. Revenue climbed 14 percent from the AED 318 billion recorded in 2009 up to AED 364 billion for 2010.
Numerous factors were responsible for the growth in revenue, including improved incomes, more liquidity, stronger purchasing power and more open markets locally.
India was still the largest trade partner for 2010, as bilateral trade climbed to AED 146 billion. China was in second place among the importing nations, with 12 percent of Dubai’s overall imports coming from China. Eight percent of the total imports coming to Dubai were from the U.S.
In global exports, Switzerland drew second rank, while a full 4 percent of the emirate’s total exports went to Saudi Arabia in third place.Paul Holdsworth, Staff Writer, Gulf Jobs Market News