Dubai’s nonoil trade surges to AED576bn

Ahmed Butti Ahmed, executive chairman of Ports, Customs and Free Zone Corporation and director general of Dubai Customs, asserted that the recorded figures last year indicate a tangible improvement in nonoil trading activities in Dubai.
Dubai Customs’ statistics shows record achievements in terms of exports and re-exports. Evidently, this substantiates the strength of Dubai’s economy and its strategic position for regional and international business activities, he added.
In 2010, Dubai’s direct exports with the external world rose to AED68 billion, an increase by 30 percent compared to AED52 billion in 2009. This shows that the UAE’s local products are of high quality and highly competitive in overseas markets where demand continues to rise. Customs facilitation processes have additionally contributed to the increase in the number of exporters.
Dubai’s export figures for last year were higher compared to the previous 5 years. Exports in 2006 reached more than AED18 billion and increased to AED27 billion in 2007 and AED43 billion in 2008, he added.
He said the emirate’s increased re-export activities might be attributed to the improved airport and seaport infrastructures, developed and secured network of transportation, its strategic location and advanced customs procedures. These factors have all contributed to its economic recovery. Dubai’s bustling air traffic and attraction to most famous shipping lines have tremendously facilitated growth of its re-export operations.
According to him, the re-export operations achieved last year have been the highest in the past 5 years.
Dubai’s revenue of nonoil trade exchanges in the external markets has accrued the biggest dividend. In 2010, the revenue reached AED364 billion with an increase of 14 percent in 2009, valued at AED318 billion.
He attributed the revenue growth to a number of factors including the strong local purchasing power, improvement in incomes, high liquidity and openness of the local markets.
India maintained its position as the leading trade partner with Dubai in 2010, with the bilateral trade reaching AED146 billion. China ranked second among Dubai’s importing countries. Chinese merchandize constituted 12 percent of Dubai’s total imports. The he United States accounted for 8 percent of Dubai’s total imports.
Switzerland comes second in the list of Dubai’s direct exports worldwide, while Saudi Arabia ranks third with a share of 4 percent of Dubai’s total exports.