Dubai Foreign Trade Hits the One Trillion Landmark for the First Time in History
WAM Dubai, UAE- Apr 18th, 2012 (WAM) -- Dubai Foreign Trade has achieved a record growth in 2011 reaching over AED 1.1 trillion for the first time in history, an increase of 22% compared to the AED 902 billion achieved in 2010.
In a press conference held by Dubai Customs on April 18, 2012, Ahmed Butti Ahmed, the Executive Chairman of ports, Customs '&' Free Zone Corporation , Director General of Dubai Customs , confirmed that these record results reflect the leverage and robust economy in the UAE in general, and Dubai in particular.
He pointed out that there are a number of factors that contributed in achieving this growth; most importantly the high competitiveness in local market, the openness to markets world-wide, the growth in purchasing power, in addition to the distinctive higher quality of national products and the ascending level of services offered to importers, which played a significant role in increasing the volume of exports and finding other new markets.
Butti explained that these figures include the statistics of direct foreign trade, free zones trade and warehouses trade indicating that the figures released by the Statistics Section at Dubai Customs have shown a growth in the direct trade in the same rate to amount AED 700 billion as compared to AED 576 billion in 2010, whereas the free zones trade increased 19% to AED 383 billon as compared to AED 323 billion last year. The customs warehouses trade grew 64% to 5.6 AED billion in 2011 as compared to AED 3.4 billion last year.
Butti indicated that all direct trade indicators have recorded a significant growth last year compared to the same period the year before. The imports increased 21% to AED 442 billion as compared to AED 364 and the exports jumped 44% to AED 98 billion compared to AED 68 billion while the re-export trade grew 18% to AED 161 billion as compared to AED 144 billion.
He added that Dubai modern infrastructure, the advanced services at sea and air ports together with the customs facilitations available to all land, sea and air customs ports have contributed considerably to achieve such positive results in Dubai foreign trade.
He stressed that Dubai Customs is keen to the continuous improvement of clients service delivery standards in the manner that will maintain the gains achieved by the emirate as a key link for trade movement between east and west and enhance the country's ability to attract investors from everywhere.
India came at the top of the most important Dubai trade partners with 19% of the overall Dubai foreign trade amounting to AED 206 billion. It headed the list of importing, exporting and re-exporting countries, as per statistical figures that showed the volume of Dubai imports from India reached AED 102 billion, whereas Dubai exports to India amounted AED 36 billion and re-exports reached AED 69 billion.
China came second with imports amounting AED 100 billion, then the USA with AED 54 billion, followed by Japan with AED 28 billion and Germany AED 26 billion.
He revealed that Dubai direct trade with GCC countries grew 28% last year to AED 28.4 billion as compared to AED 22.2 billion in 2010. He considered this growth one of the gains of the economic integration between GCC countries.
The most important products constituting Dubai foreign trade movement included unwrought, worked and semi-manufactured gold, which came on the top of the list of Dubai imports amounting AED 81 in 2011, followed by diamond in the amount of AED 59 billion, precious stones and metals valued at AED 23 billion and in the fourth place came vehicles amounting AED 19 billion.
Gold obtained the lead of the export products from Dubai amounting AED 62 billion, followed by petroleum oils and oils extracted from stone metals valued at AED 3 billion.
On the other hand, diamond came first in the list of re-export products from Dubai to the world countries amounting AED 63 billion, followed by vehicles at AED 8 billion and jewelry at AED 6 billion.