Dubai trade with the world totaled DHS 475 billion by the end of October
Value of Dubai trade exchanges have risen 19% during the first ten months of this year totaling DHS 475 billion compared to DHS 400 billion of exchanges that took place in the same period last year.
HE Ahmed Butti Ahmed, the Director General of Dubai Customs and CEO of the Ports, Maritime and Free Zone Authority said that the statistics released by Dubai Customs during the period between January and October of this year shows an unprecedented rise in Dubaiâ€™s direct exports within the last five years which totaled more than DHS 56.5 billion during the first ten months in this year exceeding the same period in 2009 which valued DHS 41 billion; a rise percentage of 36%.
Director General of Dubai Customs added that re-export operations have witnessed a record rise as well. They totaled DHS 118 billion during the first ten months of this year compared to DHS 96 billion during the same period last year. HE considered this an indication that reflected the positive and forward trend of business movement in the emirate which benefited from sustainable economic system, sophisticated infrastructure, distinguished geographic location, economic distinctive relations, and the presence of an economic legislation system that offers equal opportunities and fair competitiveness factors, and encourages innovation and distinction.
HE Ahmed Butti Ahmed said that Dubai imports totaled more than DHS 300 billion during the first ten months of this year with a rise of 14% compared to the same period last year which totaled DHS 262 billion which means that trade movement is flourishing in the emirate and the UAE, liquidity is growing, purchasing power improving. It indicates also the growing of investment and business opportunities available for the business sector.
Statistics released by Dubai Customs included free zone trade which grew by 22% during the first ten months of 2010 totaling DHS 265 billion compared to DHS 217 billion for the same period last year. Trade of customs stores rose by 110% totaling DHS 2.7 billion by the end of the first ten months of 2010 compared to DHS 1.3 billion for the same period of 2009.
Meanwhile, India remained on top of the list of Dubaiâ€™s business partners, according to figures released by the end of October 2010. The value of total exchanges between Dubai and India has mounted to DHS 123 billion which makes 26% of total Dubai trade exchanges with the world. Dubai imports from India valued DHS 56.4 billion, and exports valued DHS 24 billion. Re-export operations totaled DHS 42.2 billion.
In imports, China came second after India. Dubaiâ€™s imports from China within the first ten months of 2010 totaled DHS 37 billion. China is followed by the United States of America with more than DHS 23 billion of exports to Dubai.
In terms of exports, Switzerland is the second biggest importer from Dubai after India with a value of approximately DHS 10 billion, followed by Saudi Arabia which came second with more than DHS 2 billion.
HE Ahmed Butti Ahmed concluded that the data of foreign trade released by Dubai Customsâ€™ is the main reference that indicates size and rate of Dubaiâ€™s trade activity with the world adding that it is probable that Dubai trade exchanges will keep the same growth levels it scored since the beginning of this year.