Dubai’s non-oil trade rises to Dh645 billion for H1, 2018

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