DAFZA contributes 12% of Dubai's foreign trade in first nine months of 2019

DAFZA's total value of foreign trade reached $32.67 billion by the end of September last year

  
Dubai Airport Freezone Authority (DAFZA) office in Dubai. Image used for illustrative purpose.

Dubai Airport Freezone Authority (DAFZA) office in Dubai. Image used for illustrative purpose.

DAFZA/Handout via Thomson Reuters Zawya

Dubai Airport Freezone Authority (DAFZA) contributed 12 percent of Dubai’s 1.02 trillion UAE dirhams ($277.7 billion) foreign trade in the first nine months of 2019, it said in a statement.

DAFZA’s total value of foreign trade reached 120 billion UAE dirhams during the period, charting a 11.2 percent growth. Its re-exports grew 11.8 percent to 68 billion UAE dirhams and accounted for 21.7 percent of Dubai’s re-exports.

DAFZA’s operations during the first nine months of 2019 helped achieve a large trade surplus of 16.2 billion UAE dirhams, the statement said.

India accounted for the highest percentage of DAFZA's trade at 18.7 percent (22.4 billion UAE dirhams), followed by Switzerland at 17 percent (20.2 billion UAE dirhams), then China at 15.5 percent (18.6 billion UAE dirhams).

India ranked first in imports and accounted for 42.5 percent (22 billion UAE dirhams), followed by China with 36 percent (18.5 billion UAE dirhams) while Switzerland topped the list of countries in terms of re-exports from DAFZA with 28 percent (19 billion UAE dirhams).

In terms of goods, machinery and electrical equipment ranked first with 57 percent of the total re-export value (39 billion UAE dirhams) and 49 percent of total imports (25.2 billion UAE dirhams). Pearls, semi-precious stones and metals followed with 35 percent of total re-export value (24.1 billion UAE dirhams) and 43 percent (22.5 billion UAE dirhams) in terms of total imports.

“Today, DAFZA is a key contributor to Dubai’s economy, attracting foreign direct investments from all over the world. Despite economic conditions and global uncertainties, the results achieved across a range of Key Performance Indicators (KPIs) reflect the increasing global trade volumes coming through the free zone towards international markets,” Mohammed Al Zarooni, Director General of DAFZA, said.

DAFZA achieved a trade surplus across all sectors in the first nine months of 2019 with the machinery and electrical equipment being the major driver to the imports and exports growth.

(Writing by Gerard Aoun; editing by Mily Chakrabarty)

(gerard.aoun@refinitiv.com)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2020

More From Business