Dubai’s non-oil foreign trade rises 6% YoY to $373bn in 2019
“Government entities are working together to facilitate trade and foreign investments, and further develop infrastructure in Dubai”
In terms of volume, Dubai has witnessed a 19% year-on-year growth in non-oil external trade to 109 million tonnes in 2019, while in terms of value, external trade surged 6% to $373bn (AED1.37tn), compared to $334.87bn (AED1.3tn) in 2018.
Dubai’s foreign trade out of free zones in 2019 was a major contributor to the overall increase, accounting for $161bn (AED592bn), an 11% year-on-year increase.
Direct trade witnessed a 2% growth to reach $209.6bn (AED770bn). Customs warehouse trade hit $2.5bn (AED9bn).
Land trade grew by 11% contributing $62bn (AED228bn) to the total, while air trade rose by 5% to $174.5bn (AED641bn), and sea trade increased by 4% to $136.6bn (AED502bn).
The figures capped a prosperous decade for Dubai from 2010-2020, during which external trade grew by 70%, according to state-run news agency, Wam.
Dubai’s strong foreign trade performance, which reflects its robust economic fundamentals and its resilience against odds, gave it a positive start to the year 2020 – the year of preparation for the next 50 years – despite the headwinds from an intensified global economic downturn.
Commenting on the growth, Crown Prince of Dubai and Chairman of the Executive Council, HH Sheikh Hamdan bin Mohammed, said: “Dubai’s external trade has contributed significantly to the emirate’s economic achievements, further raising its status as a global hub for trade, business and tourism, giving it a solid platform for growth in the next 50 years and creating the optimal conditions for more sustainable development across sectors.”
Sheikh Hamdan added: “Inspired by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, Dubai’s external trade sector is progressing steadily towards the 2025 trade target of $544.5bn (AED2tn).
“All government entities are working seamlessly together to provide the best services, facilitate trade and foreign investments, and further develop infrastructure across the emirate, especially at airports and free zones, to galvanise its journey of excellence and enhance its role as a commercial bridge between the east and west. Furthermore, hosting mega-events such as EXPO 2020 will provide opportunities for the international trade sector to explore new possibilities and expand growth,” Sheikh Hamdan concluded.