|12-29-2014, 10:22 PM||#1|
Dubai non-oil foreign trade nears AED1 trillion in first nine months of 2014
Dubai Customs said on Sunday that Dubai’s non-oil foreign trade equaled AED988 billion ($269 billion) in the first nine months of 2014.
Exports and re-exports amounted to AED86 billion and AED280 billion, while imports had the lion’s share with AED621 billion.
Among Arab countries, Dubai’s largest trading partner was Saudi Arabia, comprising to AED40 billion of total trade in the first nine months of this year.
India and the U.S. were the second and third largest trade partners of Dubai with values of AED80 billion and AED 61 billion respectively, while China was Dubai’s largest foreign partner with a year-on-year gain of 27% to AED126 billion.
Trade between Germany and Dubai jumped 25% to AED32.5 billion in the first nine months of the year.
“This reflects Dubai’s trading capability to increase the volume of foreign trade, including imports, exports and re-exports, to compensate for any drop in prices. In the first nine months of 2014, Dubai’s foreign trade neared Dhs1 trillion, which further reinforces the diversity of the national economy structure,” said Ahmed Musabih, director of Dubai Customs.
The numbers of Dubai’s trade for 2014 indicates the growing foothold of the emirate as an international and regional trading and investment hub, considering that it maintained its high value even with the decline in global commodity prices.
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