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Dubai Trade Reports Significant Growth in 2019

Dubai

Dubai Trade Reports Significant Growth in 2019

Dubai trade represented significant growth and numbers throughout the first nine months of 2019, according to information released this week. Non-oil related trade volumes were reported with a 22 percent year-on-year increase compared to the same period the year before, resulting in a total of 83 million tons.

Additionally, the report highlighted export growth by 23 percent, re-exports growth by 4 percent, imports by 3 percent in regards to external trade. Volume for re-exports jumped 48 percent while export volumes jumped by 47 percent, at 12 million and 13 million tons overall for the period.

“The strong performance of Dubai’s foreign trade reflects the robust fundamentals of our economy and our ability to keep developing making ourselves ready for 2020 – the year of preparation for the next 50 years,” said Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and Chairman of the Executive Council.

“We are confident our external trade sector will keep the momentum. Government teams are going above and beyond to develop new initiatives that will improve our trade, including the Dubai Silk Road project, which will enhance Dubai leading position as a trade and logistics hub. We are working on a virtual trade zone, the first of its kind, which will help considerably in developing e-commerce regionally and globally. Different achievements are contributing towards an exceptional hosting of EXPO 2020 and beyond.”

The report also confirmed unwavering quarterly growth throughout 2019, with the third quarter representing the highest amount of growth (seven percent) for trade activity. Supported by the region’s foreign free trade zones, there was growth reported indirect trade, customs warehouse trade, land trade (11 percent), sea trade (five percent), and air trade (four percent), further establishing Dubai as a region primed for trade growth, agility, and success in 2020.

“The strong growth delivered by non-oil foreign trade is a healthy sign of how resilient and appealing the Dubai economy is and its efforts in developing its manufacturing facilities and free zones. Jebel Ali Free Zone is a world model that delivers unique services and facilities to investors and help develop the quality of goods circulated worldwide,” added Sultan bin Sulayem, DP World Group Chairman & CEO and Chairman of Ports, Customs and Free Zone Corporation.

“Dubai trade is agile and has strong accessibility to new markets thanks to its reliability and transparency. This helps us with our upcoming projects which we are delivering in 2020- the year of preparation for the next 50 years, based on an advanced infrastructure and the best AI applications which are expected to immensely change and disrupt the nature and structure of trade in the coming few decades.”

“Dubai Customs has recently won the innovation platinum award, with a 6-star rating from EFQM Global Excellence Award scoring 700 points, the highest among all participating organizations. Dubai Customs has become the first organization in the world to win this reputable global award based on the new rating system in 2019. Winning the EFQM award is an international recognition of our leading achievements and the advanced level we reached in customs innovation. Dubai Customs has dedicated a customs clearance channel for EXPO 2020 exhibitors and participants. In conjunction with the World Government Summit and EXPO 2020, Dubai Customs is hosting the 5th WCO Global AEO Conference between 10-12 March 2020 in cooperation with the World Customs Organization and the Federal Customs Authority” Sulayem added.

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.”

Credit: Dubai Customs

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.

Credit: Dubai Customs

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