Dubai’s non-oil foreign trade in the first nine months of 2014 totaled AED988 billion, UAE news agency WAM reports citing figures released by Dubai Customs.
Out of the total non-oil foreign trade, imports have the biggest share at AED621bn, exports at AED86bn and re-exports AED280bn.
Dubai Customs has not given a figure for the first nine months of 2013, but says the numbers come at a time when the World Bank states that prices of commodities are seeing a steep drop in 2014.
While China and India are seen as the top trading partners of the UAE, Saudi Arabia is the top Arab nation to record highest trade with the emirate.
Sultan Ahmed bin Sulayem, Chairman of DP World and Chairman of Ports, Customs, and Free Zone, says: “Dubai’s foreign trade scored steady growth in the first nine months of 2014 with top trading partners. China was Dubai’s top foreign trade partner during the first nine months of the year, with a trade value of AED126bn, up 27 on the same period as last year, followed by India with AED80bn, the USA with AED61bn, and Saudi Arabia – positioned fourth globally and first among Arab countries – with AED40bn.”
Dubai-Germany trade was up 25 per cent scoring AED32.5bn, while trading with Japan grew 13 per cent with a value of AED31bn.
From January to September 2014, direct trade contributed AED605bn of Dubai’s total foreign trade value, while free zones contributed AED367bn, and the customs warehouses AED16bn, the report says.
Commenting on these figures, Ahmed Mahboob Musabih, director of Dubai Customs, says: “In the first nine months of 2014, Dubai’s foreign trade neared AED1trn, which further reinforces the diversity of the national economy structure.”
Phones topped other commodities in Dubai’s non-oil foreign trade. Trading in phones recorded an eight per cent growth, amounting to AED129.4bn. Meanwhile, Dubai’s trade of motor vehicles and individual-use cars, including station wagons and racing cars, climbed 31 per cent to score AED48.6bn. On the other hand, computers recorded a 10 per cent growth at AED40bn, and petroleum oils grew 12 per cent and amounted to AED30.5bn.
Dubai’s foreign trade markets expanded to include partners from the five continents, spearheaded by Asia with a trade value of AED610bn, followed by Europe with AED198bn, then Africa with AED89bn, AED72bn trade volume with North America and AED10bn with South America, and AED8bn for Oceania – including Australia.