DUBAI, 19th March, 2018 (WAM). Dubai’s re-exports grew nine percent in 2017 to AED360 billion, while Dubai’s imports reached AED798 billion and exports totalled AED144 billion. Dubai’s foreign free zone trade grew five percent to AED434 billion, while direct trade touched AED829 billion and customs warehouse trade reached AED39 billion.
Commenting on the results, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, praised the growth of Dubai’s non-oil trade in 2017. «Dubai’s competitiveness,» he said, «plays a key role in attracting investments from around the world, which seek to take advantage of Dubai’s position as a regional and international trading hub.»
Sheikh Hamdan bin Mohammed went on to say that enhanced competitiveness supports the effort to ensure the national economy achieves the top ranking in various global competitiveness indices in line with the guidelines of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.
«Trade is one of the key sectors that drives Dubai’s growth as a major global trading hub, which is supported by the emirate’s long heritage of being a gateway for global trade. The current growth of its non-oil foreign trade is an indication that we are on the right path of revenue diversification,» Sheikh Hamdan said. «Dubai’s external trade growth reflects global economic trends, especially in the areas of communication and information technology. This is driven by the national economy’s focus on innovation and creativity, and our leadership in adopting artificial intelligence technologies in various sectors. There is no doubt that Expo 2020 will showcase our unique economic experience and our ability to establish global leadership across sectors,» he added.
Sultan Ahmed bin Sulayem, Group Chairman of DP World and CEO and Chairman of Ports, Customs and Free Zone Corporation, said that the exceptional performance of the foreign trade sector has been driven by Dubai’s advanced infrastructure, created as a result of the economic vision of Sheikh Mohammed bin Rashid, and his directives to continuously develop ports, airports and free zones and customs services to provide exceptional services and facilities for investors.
«The services provided by Dubai Customs for traders and investors add significant value to their investments. The Authorised Economic Operator, AEO, programme, which we developed and launched under the umbrella of the UAE’s federal customs further enhances our offerings and services for investors and traders, and helps them further enhance their revenues,» Bin Sulayem said.
«Customs clearance conducted through AEO accounted for 23 percent of the total clearance of Dubai Customs in 2017. This is expected to reach 50 percent in 2020. Dubai Customs also launched the ‘Smart Refund System’, which allows customers to refund their customs deposits through a smart solution that reduces time and costs, eliminates errors, mitigates fraud, improves service compliance and increases customer satisfaction.
Dubai’s non-oil foreign trade conducted through land transportation grew 4.1 percent to reach AED 241 billion in 2017, while sea trade grew 3.3 percent to AED467 billion and air trade reached AED594 billion.
China maintained its position as Dubai’s biggest trading partner in 2017 with AED176 billion worth of trade or 13.6 percent of the total value, followed by India with AED99 billion representing 7.6 percent of Dubai’s total non-oil foreign trade. The USA came third with a total of AED85 billion or 6.5 percent of Dubai’s total trade.
Saudi Arabia is Dubai’s leading business partner among GCC and Arab countries, and its fourth biggest trading partner, with trade worth AED58 billion, representing 4.5 percent of Dubai’s total trade with the world.
Mobile phones topped the list of high-value commodities in Dubai’s foreign trade in 2017, with AED174 billion. This supports Dubai’s transformation into the world’s smartest city and its growth as a major regional and global trading hub for ICT products.
Next on the list was gold with AED159 billion, followed by diamonds at AED105 billion. Vehicles came fourth at AED70 billion.