Foreign trade: Dubai records strong growth in H1, in line to meet $544bln target

China was Dubai's largest trading partner in H1 2021 followed by India and the US

  
Container ship in Jebel Ali Port, Dubai,United Arab Emirates. Image used for illustrative purpose.

Container ship in Jebel Ali Port, Dubai,United Arab Emirates. Image used for illustrative purpose.

Getty Images

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of The Executive Council of Dubai, said that the emirate's non-oil external trade recorded a 31 percent growth in the first half of 2021 at AED 722 billion ($196.6 billion) compared to AED 550.6 billion in the same period in 2020.

China was Dubai's largest trading partner in H1 2021 followed by India and the US.

Exports grew 45 percent year on year (Y-o-Y) in H1 2021 to AED 109.8 billion from AED 75.8 billion, the emirate's media office said on Sunday. 

Imports rose by 29.3 percent Y-o-Y to AED 414 billion from AED 320 billion. Re-exports grew 28.3 percent Y-o-Y to AED 198.6 from AED 154.79.

"This marked growth in trade demonstrates the success of Dubai’s strategic plan to consolidate its position as a global logistics and trade hub that connects the world’s diverse markets," Sheikh Hamdan said.

The emirate's foreign trade rose by 10 per cent during the January-March 2021 quarter and reached 354.4 billion dirhams compared to 323 billion dirhams in the same period last year.

Dubai has an ambitious five-year strategy to raise the value of external trade to ($544 billion) AED 2 trillion and consolidate its position as a bridge connecting regional and international markets by constantly enhancing its infrastructure and logistics services.

Sultan bin Sulayem, DP World Group Chairman & CEO and Chairman of Ports, Customs and Free Zone Corporation, said: “This growth in trade reaffirms Dubai’s ability to turn challenges into opportunities based on strategic plans that leverage the stability and flexibility of its economy. Dubai is at the forefront of international economic recovery and we are on track to increase our global trade to AED 2 trillion in the coming years."

The volume of Dubai’s non-oil external trade in the first half of 2021 rose 10 percent to 48 million tonnes compared to 43.7 million tonnes in H1 2020.

Exports skyrocketed 30.8 percent Y-o-Y to reach 10.1 million tonnes. Re-exports totalled 7 million tonnes growing by 10.6 percent, and imports rose by 4.25 percent to 31 million tonnes, according to the emirate's media office.

China was Dubai’s biggest trading partner in H1 2021 with AED86.7 billion worth of trade compared to AED66.3 billion in H1 2020. Trade with India grew 74.5 percent Y-o-Y to AED67.1 billion. Trade with the USA was up 1 percent at AED32 billion.

Value of trade with Saudi Arabia, Dubai's fourth largest trading partner, rose 26 percent Y-o-Y to AED24.1 billion, followed by Switzerland at AED24.8 billion, up 2.3 percent Y-o-Y.

(Reporting by Seban Scaria; editing by Daniel Luiz)

(seban.scaria@refinitiv.com)

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© ZAWYA 2021


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