Dubai reports on-target growth in trade

Imports and Exports | | MIC Customs Solutions |

2019 proved to be a boom year for trade in Dubai, data has shown.

The latest figures from the government in Dubai have shown the emirate enjoyed a boom in imports and exports last year that was in line with its ambitious 2025 trade targets.

Non-oil external trade rose by 19 per cent in volume between 2018 and 2019 to reach 109 million tons, while re-exports also grew by 45 per cent.

Imports were found to have grown to the tune of nine per cent to reach 72 million tons, while external trade for the entire decade 2010 to 2020 was up a significant 70 per cent.

Foreign trade coming from free zones made a major contribution to the city state's success, with this figure growing by 11 per cent year-on-year.

It was a busy time for Dubai Customs too, as the number of transactions was found to have risen by 34 per cent year-on-year in 2019 to hit a new record.

In terms of geography, China proved to be Dubai's biggest trade partner, followed by India, the US and Switzerland.

The most-traded commodities were gold, jewellery and diamonds, followed by phones and petroleum oils.

Dubai was able to publish this positive news despite the recent trade wars impacting upon the global economy as a whole, pointing out that its agility, versatility and flexibility in external trade helped it to weather such headwinds.

Commenting on the figures, Crown Prince of Dubai and chairman of the Executive Council 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 [and] giving it a solid platform for growth in the next 50 years."

Indeed, Dubai has made enormous progress in diversifying its economy away from oil, as well as capitalising on its unique geographic location that provides easy access to the Middle East, north Africa and beyond.

Of course, it remains to be seen whether the impact of coronavirus will provide a blot on this otherwise flawless copybook over the coming months.