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Dubai Non-Oil Foreign Trade Amounts to $353Bn in 2018

Dubai Non-Oil Foreign Trade Amounts to $353Bn in 2018

Monday, 11 March, 2019 - 15:00
Free zones witnessed strong growth of about 23% in Dubai trade in 2018. (Asharq Al-Awsat)
Dubai- Asharq Al-Awsat
Dubai’s non-oil trade amounted to AED1.3 trillion ($353 billion) in 2018, roughly the same as in 2017.

According to new statistics from Dubai Customs, Dubai reached these numbers despite “negative impact of trade war among major global economic powers and the slowdown in global economic growth, accompanied by exchange rate fluctuations that contributed to limiting growth of international trade in both developing and developed countries.”

Trade through free zones grew 23 percent in 2018 to AED532 billion ($144 billion) while direct trade amounted to AED757 billion ($206 billion) and customs warehouse trade weighed in at AED10.4 billion ($2.8 billion), the figures showed.

Re-exports grew 12 percent to AED402 billion ($109 billion) while imports totaled AED770 billion ($209 billion) and exports AED127 billion ($34.5 billion).

The significant performance of the foreign trade sector and its achievements in 2018 mark one of the pillars of the national economy’s continuous growth, said Dubai Crown Prince Sheikh Hamdan bin Rashid Al Maktoum, chairman of Dubai Executive Council.

“It reinforces our ability to translate the vision of UAE Vice President Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister and Ruler of Dubai, into a framework for the government's work in the next phase.

“The current growth of Dubai’s non-oil foreign trade indicates that we are on the right track of revenue diversification in accordance with values and standards outlined in the 50-year charter.

“We seek further achievements that contribute to providing the best global model for future governments by stimulating creativity and innovation and employing the latest technologies, including artificial intelligence applications and the dissemination of intelligent information in our economic activity,” Sheikh Mohammed stressed.

“We are currently developing a virtual commercial zone, the first of its kind in the region, which will allow investors to open bank accounts and grant e-residencies according to the highest standards of international laws and regulations,” he explained.

Dubai’s non-oil foreign trade is flexible and agile enough to overcome different global economic obstacles, said Dubai Ports World Group Chairman Sultan bin Sulayem, CEO and Chairman of Ports, Customs and Free Zone Corporation.

“Despite the challenges the world trade has been facing throughout the last decade, Dubai’s trade grew 72 percent in 2018 compared to that in 2009,” he said, adding that the volume of goods grew in this period by 44 percent.

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