The Emirate’s freezone’s saw an increase in foreign trade of 20 per cent, rising by Dh43 billion in the first half of 2018 to reach Dh257 billion.
In Dubai, non-oil foreign trade increased by Dh5 billion from 2017 over the first half of 2018 to a figure of Dh645 billion.
Re-exports – defined as the export of foreign goods in the same state as previously imported – in Dubai recorded a Dh24 billion rise over the same period, growing by 14 per cent to Dh203 billion, demonstrating the Emirate’s strength as a re-export hub.
In terms of imports, Dubai’s non-oil related imports reached a figure of Dh377 billion, while exports totaled Dh65 billion.
Dubai’s freezone’s also saw a sharp increase in foreign trade of 20 per cent, rising by Dh43 billion over the first half of 2018 to reach a total of Dh 257 billion. Re-export activity across all of Dubai’s free zone areas reached Dh112 billion, with a 31 per cent increase over the same period in 2017.
According to a statement by His Highness Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and chairman of the Dubai Executive Council: Dubai’s competitiveness plays a pivotal role in attracting foreign investment from across the globe, as Dubai maintains its position as a regional and international trading hub.
Shaikh Hamdan goes on to state that trade was a key driver of Dubai’s growth as a major, global trading hub, and the current growth of Dubai’s non-oil foreign trade is a clear indication that Dubai is on the path to achieve its goal of diversifying its economy away from a dependence on oil.
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Source: Gulf News