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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.

Global Marine Lubricants Market to Hit $5.9 bn by 2024

As per a recent industry report put forward by Global Market insights Inc. , Marine Lubricants Market is forecast to register its name in the billion-dollar fraternity down the line of six years, by exceeding a revenue of USD 5.9 billion by 2024 with a projected CAGR of 4.7% over 2017-2024.

Global marine lubricants market size may witness consumption of over 3.4 million tons by 2024. Size of global marine cargo fleet is expected to grow owing to increased interaction between economies in through international trade by marine route. Rise in marine trade frequency can be advantageous due to large shipment transportability, ability to cover huge distances and lowering cost of transportation & maintenance.

U.S. Marine Lubricants Market Size, By Application, 2016 & 2024 (USD Million)

Marine lubricants market size from transport ships which include cargo ships, tankers, container ships & passenger ships should witness significant gains at over 3.5%. Positive indicators towards growth in shipbuilding industry should drive product demand. Global sea trade was sized to be over 9.5 billion tons in 2016 and is anticipated to grow further due to strong trade ties between economies and growing demand for commodities.

Stringent government norms towards nitrogen and sulfur emission reduction might hinder industry growth. This could be overcome by developing bio marine lubricants which emits lower emission concentration owing to high boiling point of esters. This factor helps in reducing overall operational cost during the lifecycle owing to less maintenance, disposable requirements and storage.

Marine lubricants market size from drill ships may witness gains at over 3.5%. Major oil & gas exploring companies have engaged in multiple drilling projects to discover new reserves for hydrocarbon. Increase in offshore drilling activities to meet growing demand of crude oil & its refined products from chemical industries and refineries should favor product demand.

Mineral oil based marine lubricants market size should witness gains at over 3%. Increasing scope in application for engines, stern tubes and turbines should drive product demand. They provide a cost-effective solution and enhance performance & provide smooth movements for assembly parts of the ships.

China synthetic marine lubricants market size should witness gains at close to 4%. These products have high resistance at extreme temperature and are expensive when compared to its counterparts owing to production complexity & purity of base oil. Key benefits include low wearing & tearing properties, high thermal resistance, good load carrying capacity and low friction which are important in long run for engines & turbines.

Germany marine lubricants market size from recreational ships should witness consumption of over 18 kilo tons at the end of 2024. Recreational boating activities include campaigning, sailing, fishing, water sport games and boat racing. Economic growth along with growing overall population should drive tourism industry thereby promoting product demand for recreational boats.

Global marine lubricants market share is consolidated and highly capital intensive with industry participants including ExxonMobil, Shell, Valvoline Inc., Lubricon, Castrol, LUKOIL, Gulf Oil and Indian Oil. Mergers & acquisitions between industry participants may take place which can lead to further market consolidation and enhances company product portfolio & regional presence.

Source: https://www.gminsights.com/industry-analysis/marine-lubricants-market