Dubai’s non-oil foreign trade up 2.7 percent to Dh327 billion in first quarter of 2017

Imports accounted for the lion’s share of non-oil foreign trade during the first quarter. (Reuters)

DUBAI: Dubai’s non-oil foreign trade grew 2.7 percent to reach Dh327 billion (SR333.90 billion) in the first quarter of 2017 compared with Dh318 billion during the same period of last year, the Dubai Customs said.
“Dubai has proven once again its ability to overcome the challenges facing the global economy and world trade,” Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, said in a statement.
“Dubai has been able to offset the impact of key challenges including major currency fluctuations and slower global economic growth, and increase its non-oil foreign trade as well as cement its position as a regional and global business hub.”
Imports accounted for the lion’s share of non-oil foreign trade, which grew 3 percent to Dh201 billion, while exports accounted for Dh35 billion and re-exports contributed 91 billion.
The volume of Dubai’s external non-oil trade reached 24 million tons, with imports reaching 15.84 million tons, re-exports at 4.24 million tons and exports at 3.84 million tons.
Sheikh Hamdan said a number of initiatives being undertaken by the government, as such as Dubai 10X – which aims to place Dubai 10 years ahead of all other cities, and the UAE Centennial Plan 2071 – have inspired a series of innovative and creative initiatives that will boost the UAE’s economy
“We seek to enhance the UAE’s competiveness by developing commercial and customs services that bring significant financial benefits for all those that choose Dubai as a hub for their operations,” Sheikh Hamdan said.