DUBAI - Dubai's trade in value terms fell by 13.7% last year, led by a decline in imports and re-exports as the coronavirus pandemic took its toll on the Middle East's largest trading hub.
Foreign trade reached 1.182 trillion dirhams ($321.8 billion) in 2020, state news agency WAM reported on Saturday, down from 1.37 trillion dirhams in 2019.
Imports declined 13.8% to 686 billion dirhams and re-exports, a key part of Dubai's trade, fell 21.7% to 329 dirhams. Exports, however, rose 8% to 167 billion dirhams.
Trade with China, Dubai's largest trading partner, declined 5.3% to 142 billion dirhams, while trade with India, it second-biggest trading partner, fell 34% to 89 billion dirhams.
Trade with the United States decreased 21.5% to 61 billion dirhams, and trade with Saudi Arabia, its largest Arab trading partner, declined 3.6% to 54 billion dirhams.
Gold trade rose 25.7% to 213 billion dirhams, while the value of diamonds traded decreased 23.7% to 64 billion dirhams, petroleum oils trade fell 33.3% to 57 billion and jewellery trade decreased 59.7% to 47 billion dirhams.
Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid al-Maktoum said the emirate continues to target 2 trillion dirhams in trade in 2025.
($1 = 3.6728 UAE dirham)
(Writing by Alexander Cornwell; Editing by William Mallard) ((Alexander.Cornwell@thomsonreuters.com;))
