Business

Dubai`s foreign oil trade grows by 10% to Dh354 billion in first quarter of 2021

on Dubai’s foreign oil trade grows by 10% to Dh354 billion in first quarter of 2021 Dubai: Dubai’s economy has proven its resilience and ability to recover quickly from the global effects of the COVID-19 pandemic by achieving high levels of external non-oil trade growth in Q1 2021. Foreign trade in Dubai touched Dh354.4 billion this quarter, growing 10 percent from Dh323 billion in the corresponding period in 2020, and 5 percent compared to the first quarter of 2019. This reflects a rapid return to recovery and growth in the foreign trade sector and an ability to adapt to drastic changes in the international trade environment. Exports grew by 25 percent to 50.5 billion Dh, representing a volume of 5 million tons, an increase of 20 percent, and imports were D204.8 billion and grew by 9 percent. The value of re-exports reached Dh99 billion, with 5.5 percent. ‘This remarkable achievement reflects the impressive resilience of our foreign trade sector and its ability to recover and grow in the face of major international crises. Inspired by the vision and guidelines of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and ruler of Dubai, our challenges have always turned into opportunities. We have achieved this on the basis of our good governance, advanced infrastructure, strategic location, our status as a regional and global hub for trade, and the generous stimulus packages that the government has launched in support of trade and businesses, ‘ said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai. This remarkable growth will bring Dubai closer to the ambitious goal of its five-year strategy to increase the value of foreign trade to Dh2 trillion and connect its position as a bridge connecting regional and international markets by continually improving its infrastructure and logistics services. “Furthermore, by presenting EXPO2020, ‘the world’s biggest show’, Dubai will make a significant contribution to the recovery of the world economy and help it to move towards prosperity again,” Sheikh Hamdan said.

EMIRATI TODAY - Emirati News, the UAE Daily News

China maintained its position as Dubai’s largest trading partner in the first quarter of 2021 with a trade value of Dh44 billion, representing a growth of 30 percent. India came in second with Dh35 billion, growing by 17 percent, followed by the US in third place with Dh15.4 billion. Saudi Arabia was still Dubai’s largest Gulf and Arab trading partner and its fourth largest global trading partner with AED14.7 billion in trade, which grew by 20 percent, followed by Turkey in fifth place with Dh12 billion, which is a staggering growth of 72 per cent. Direct trade in the first quarter of 2021 amounted to Dh217 billion, which grew by 15 percent compared to the first quarter of 2020, while trade through free zones reached Dh135 billion and grew by 2 percent. Trade in the customs warehouse weighed Dh2.3 billion and grew by 23 percent. Trade in the air was good for Dh179 billion, which grew by 15 per cent. Sea trade reached Dh120 billion, growing by 3 per cent, while land trade reached Dh55.3 billion, by 7 per cent. Gold topped the list of commodities in Dubai’s Q1 foreign trade, Dh63 billion, with 27 percent, followed by telecommunications at Dh50 billion, with 32 percent. Diamonds achieved a record growth of 61 percent and came third in the list with Dh29 billion, followed by jewelry with Dh17 billion, and trade in vehicles, which grew by 9 percent to Dh14 billion. “Dubai has rapidly recovered from the effects of the current global crisis and has grown its trade resiliently, spurred by its strong investments and advanced technological capabilities, which have enabled it to continue its global trading activities during a test period. The impressive success of the vaccination campaign in the UAE has created high levels of global confidence in the country and helped Dubai raise its profile as the city with the world’s most favorable business environment, “said Sultan bin Sulayem, DP World Group’s chairman and CEO chief, said, and chairman of Ports, Customs and Free Zone Corporation. Gold topped the list of commodities in the Q1 foreign trade in Dubai at AED63bn, up 27%, followed by telecommunications at AED50bn, up 32%. Diamonds achieved a record growth of 61% and came third in the list with AED29 billion, followed by jewelery with AED17 billion, and trade in vehicles, which grew by 9% to AED14 billion.