The pace of Dubai’s foreign trade growth accelerated by 31% in the first half of 2021, reflecting the emirate’s preeminent role as a global power in trade and logistics, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum , Crown Prince of Dubai and Chairman of the Executive Council, said Sunday.
Dubai’s non-oil foreign trade reached Dh 722.3 billion in the first six months, up from Dh 550.6 billion during the same period in 2020, highlighting that the emirate is on track to reach its world trade target of 2 trillion Dh. The remarkable trade performance was boosted by a phenomenal jump in trade with Dubai’s traditional trading partners, China and India.
Sheikh Hamdan said Dubai, guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, has strengthened its status as a growing business center the fastest in the world.
“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 various markets of the world. Dubai’s existing maritime and air network will be extended to cover 200 new cities around the world. We are confident that we will continue to leverage our growth momentum to achieve our ambitious sustainable development plans and projects, ”the Crown Prince of Dubai said in a statement released by the Dubai Media Office.
He said the accelerated pace of foreign trade growth also reflects Dubai’s growing global role in facilitating and streamlining global trade and supply chains. “As Dubai stands ready to receive delegates from 191 countries at Expo 2020, the emirate’s outstanding business performance further strengthens its profile as a trading power,” said Sheikh Hamdan.
Dubai’s exports grew 45% year-on-year in the first half of 2021 to Dh 109.8 billion, from Dh 75.8 billion, supporting the target of the 10 x 10 program (one of the national projects of the 50 initiatives) to increase UAE exports to 10 global markets by 10% per year. Imports increased 29.3 percent year-on-year to Dh414 billion from Dh320 billion. Re-exports increased 28.3% year-on-year to Dh198.6 from Dh54.79.
In volume, Dubai’s non-oil foreign trade increased 10% to 48 million tonnes in the first half of the year, compared to 43.7 million tonnes in the first half of 2020. Exports climbed 30.8% year-on-year to reach 10.1 million tonnes. Re-exports totaled 7.0 million tonnes, increasing 10.6 percent, and imports increased 4.25 percent to 31 million tonnes.
Sultan bin Sulayem, CEO of DP World Group and Chairman of Ports, Customs and Free Zone Corporation, said growing trade reaffirms Dubai’s ability to turn challenges into opportunities based on strategic plans that capitalize on stability and the flexibility of its economy. “Dubai is at the forefront of the international economic recovery and we are on track to increase our global trade to 2,000 billion dirhams in the years to come. Trade is emerging as the main catalyst for economic growth in the UAE and Dubai under the leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai. We continue to strengthen our commitment to develop customs services according to the changing needs of businesses and investors and to build more trade bridges to reach new markets. “
Sulayem said that Dubai’s World Logistics Passport (WLP) initiative is helping to reinvent the way goods and services move around the world, strengthen the resilience of global supply chains and remove barriers that prevent economies developing to trade as freely as they could. “We are pleased that 10 new countries have joined the world’s first logistics loyalty program which brings together airport authorities, port operators and shipping agents. This loyalty incentive program allows freight forwarders, merchants and business owners to get the maximum possible benefits from their business operations, which can translate into a 5-10% increase in revenue.
“True to our slogan: Gateway to Dubai’s Prosperity, we continue to develop and invest in cutting-edge technologies to provide the world’s best intelligent customs services that add tangible value to our customers,” said Ahmed Mahboob Musabih, CEO of Ports, Customs and Free Zone. Dubai Customs Corporation and General Manager. Dubai’s advanced customs systems completed 12.7 million customs declarations in eight months; an average of 55,000 per day. Customs transactions in the first half of 2021 increased by 53.4% to reach 11.2 million.
China maintained its position as Dubai’s largest trading partner in the first half of 2021 with trade worth 86.7 billion dirhams against 66.3 billion dirhams in the first half of 2020, up 30.7% year-on-year. Trade with India grew 74.5% year-on-year to Dh 67.1 billion, from Dh 38.5 billion. Trade with the United States increased 1.0 percent to Dh32 billion year-on-year from Dh31.7. Saudi Arabia ranked fourth with 30.5 billion dirhams, up 26% year-on-year against 24.1 billion dirhams, followed by Switzerland with 24.8 billion dirhams, up 2.3 % year-on-year compared to 24.2 billion dirhams.
The total share of the five largest trading partners in the first half of 2020 amounted to Dh241.21 billion against Dh185.06 billion in the first half of 2020, an increase of 30.34%. Gold topped the list of commodities in Dubai’s foreign trade in the first half of the year with Dh 138.8 billion (19.2 percent of Dubai’s trade), followed by telecommunications with Dh 94 billion (13 percent of Dubai’s trade). hundred). Diamonds came third with Dh 57.3 billion (8.0%), followed by jewelry at Dh 34.1 billion (4.7%) and vehicle trade at Dh 28 billion (4, 0%).
Direct trade in the first half of 2021 totaled 445.6 billion dirhams, up 39.5%, while trade through free zones reached 272 billion dirhams, up 19.8%. Trade in customs warehouses amounted to 4.5 billion dirhams, up 8.1%. Air trade represented Dh 364.8 billion, up 46.15% compared to Dh 249.6 billion in the first half of 2020. Maritime trade reached Dh 247.5 billion, up 16.5 billion. 7% compared to 212.18 billion Dh, while land trade reached 110 billion Dh, up 23.7 percent against 88.8 billion dirhams.