Dubai Customs Reports Export & Non-Oil Foreign Trade Growth for Q1
Non-oil trade volumes, exports, and re-exports were all reported with robust growth percentages during Q1 for Dubai, according to information released this week from Dubai Customs. Exports led the growth patterns by increasing 30 percent and accumulating AED 42 billion. Additionally, Dubai’s non-oil trade volumes were reported at 28 million tons, up from 21 million tons for Q1 in 2018. Overall, the report highlighted 7 percent year-on-year growth for non-oil foreign trade.
“This robust performance and marked growth of Dubai’s non-oil foreign trade is an indication that we are on the right path of revenue diversification in alignment with the values and standards outlined in the 50-Year Charter.,” said His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai. “The Dubai Silk Road Strategy supports decades of successful investment in developing the emirate’s infrastructure. In line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, we are committed to developing our government services so that we can become a world-class model for future governments based on knowledge, innovation and advanced AI applications.”
Breaking down the numbers even further, gold, diamonds, and jewelry traded through Dubai saw values increased by nine percent and totaling AED 90 billion. Leading the way in growth contributions, phones were reported at AED 42 billion while petroleum oils increased by more than twice as much from last year.
Among several AI-based initiatives, Dubai Customs boasts the first of its kind ‘Virtual Stock Guarantee’ initiative providing support for re-exports from free zones to external markets. Other disruptive strategies implemented consist of the Smart Vessel Berthing System and the ‘Productivity Engine.’ All three serve a unique purpose from enhanced productivity to cost reduction, all while helping Dubai remain a leader in the market.
“We are pleased to report that trade in Dubai has rebounded in the first quarter of 2019 with non-oil trade growing 7.3% year-on-year to reach AED 339 billion,” added Sultan Bin Sulayem, DP World Group Chairman & CEO and Chairman of Ports, Customs and Free Zone Corporation. “This strong growth has been delivered despite the challenging macro and geopolitical environment, which further highlights the strength and resilience of the Dubai economy. Importantly, we have seen significant growth in both exports (+30%) and re-exports (+7%) which reinforces Dubai’s profile as the key hub for the region. Overall, despite geopolitical headwinds, we remain excited about the outlook for Dubai, particularly with the lead up to EXPO 2020.”
Source: Dubai Customs