DUBAI: Dubai’s non-oil foreign trade reached Dh966 billion during the first nine months of 2015, compared to Dh988 over the same period in 2014, despite the fall in oil and gold prices.
Imports had the biggest share of the overall trade with a value of Dh597 billion while exports and re-exports totalled Dh100 billion and Dh269 billion respectively.
From January to September 2015, direct trade contributed Dh603 billion of Dubai’s total foreign trade value; while free zones contributed Dh340 billion and customs warehouses Dh23 billion.
“Dubai has been exemplary in surmounting the impact of the trade and economic hardships the world is currently facing,” said Sultan Ahmad Bin Sulayem, the Chairman of Ports, Customs and Free Zone Corporation (PCFC), and Chairman of DP World.
“The foreign trade sector has enhanced Dubai’s capacity to build sustainable economic growth. Alongside other economic sectors, particularly tourism, it has positioned Dubai as a leading global and regional trading and business hot spot, in spite of the general slowdown in the world economy,” he said.
Dubai has seen a high-value foreign trade due to the substantial upsurge in the total volume of goods imported, exported or re-exported via the emirate offsetting the impact of lower commodity prices. The quantity of commodities traded went up 5 per cent from 60.6 million tonnes in the first nine months of 2014 to 63.7 million tonnes in the same period in 2015 — a growth of 3.1 million tonnes. Likewise, during the last four years from 2012 to 2015, the volume of goods in Dubai foreign trade grew by 23 per cent with an overall increase of 11.86 million tonnes.
The impact of declining gold prices was contained by a remarkable increase in its traded volume to 1.028 million kilograms in the first nine months of 2015, compared to around 977 thousand kilograms in the same period of 2014.
Gold also had the second biggest share in the total value of Dubai foreign trade during January-September 2015 with a value worth Dh92.54 billion. Phones and telecommunications equipment came first with a 6.3 per cent growth and Dh137.6 billion market share.
Aluminium trade jumped 42.68 per cent in the third quarter, totalling a value of Dh12.14 billion, whereas jewellery amounted to Dh48.44 billion up by 19.2 per cent.
China was once again Dubai’s top trading partner worldwide, with a total bilateral trade value of Dh132 billion in the first nine months of 2015, which represents a growth of 5.1 per cent compared to the same period of 2014. India followed as the second trading partner at Dh74 billion, while the USA came third with Dh60 billion worth of trade. Saudi Arabia was the fourth global and top Arab trading partner of Dubai at Dh45 billion, with an increase of 11.62 per cent from last year.
There was also a strong growth in Dubai’s trade with several other Asian countries, namely Vietnam the 8th largest trading partner of Dubai with which bilateral trade grew 16.83 per cent to reach Dh30 billion. Trade with Hong Kong climbed by 17.24 per cent to Dh26 billion, which places China’s autonomous province 10th on the list of Dubai’s major trading partners.
Imported phones taxed at 54%, locally assembled devices at 25%, NA committee told
ISLAMABAD: The National Assembly Standing Committee on Finance has raised concerns over the high tax burden on mobile phones and...
