Dubai’s non-oil foreign trade up 6% to $277.7bn from Jan-Sept 2019
HH Sheikh Hamdan says Dubai Silk Road project will enhance Dubai’s position as a leading trade and logistics hub
Dubai’s non-oil foreign trade volumes increased 22% year-on-year to 83 million tonnes during the first nine months of 2019, compared 68 million tonnes during the same period in 2018.
In terms of volume, re-exports soared 48% YoY to reach 13 million tonnes; exports increased 47% YoY to 14 million tonnes; and imports grew by 13% YoY to 56 million tonnes, during the period, according to the state-run Dubai Media Office.
In terms of value, Dubai’s external trade rose 6% YoY to $277.7bn (AED1.02tn); exports rose 23% to $32.12bn (AED118bn); re-exports grew 4% to $84.95bn (AED312bn); and imports rose 3% to $160.36bn (AED589bn).
The Q3 2019 YoY trade activity was the highest for 2019 at $93.4bn (AED343bn), followed by a 3% YoY growth witnessed in Q2 2019, which reached $91.75bn (AED337bn).
Commenting on the strong non-oil trade figures, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, said: “The strong performance of Dubai’s foreign trade reflects the robust fundamentals of our economy and prepares us to take advantage of the new opportunities that will come in 2020 – the year that will mark a new push for transformational growth over the next 50 years.”
Sheikh Hamdan added: “Government teams are going above and beyond to develop new initiatives that will fast-track our trade growth. These include the Dubai Silk Road project, which will enhance Dubai’s position as a leading trade and logistics hub. All our various achievements will also enable us to host an exceptional Expo 2020 Dubai and accelerate our growth and progress beyond the event.”