In the first half of 2019, Dubai’s non-oil foreign trade rose to Dh676 billion from Dh644 billion in the corresponding period last year. While the imports grew 4 per cent to Dh390 billion, the exports rose to above 17 percent to Dh76 billion while re-exports were up 3 per cent at Dh210 billion. Its trade with India registered a strong 20 per cent growth. The largest trading partner still remains China.
Crown Prince of Dubai and Chairman of the Dubai Executive Council, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, said that the performance of all the foreign trades has been strong reflecting the emirate’s ability to generate fresh growth opportunities even in such an adverse global economic environment.
Due to its flexible business model, Dubai’s economy has shown its resilience by this growth in its trade. The gold price in Dubai has risen, providing it a great boost in the worldwide market. In addition, it has posted a 5 per cent year-on-year increase in non-oil trade during the January-June 2019 period. Latest trading links also show how fast Dubai is linking itself to the greatest and growing economies of the world.
Sheikh Hamdan also talked about the Dubai Silk Road project and how it will make better changes in the foreign trade. “Dubai’s flexibility, ability to adapt to change and its responsiveness to the needs of businesses and investors have made it a model for sustainable growth. The latest results also point to Dubai’s rapidly-growing trading links with the world’s fastest growing economies. As the Dubai Silk Road project begins to take shape, the outlook for the emirate’s foreign trade is set to get even better,” Sheikh Hamdan said.
He added that the strong growth delivered by non-oil foreign trade is a healthy sign of how resilient and appealing the Dubai economy is. This will reinforce Dubai’s profile as a key regional and international trading hub in the world.