Dubai: Dubai's non-oil trade jumped 30 per cent in the first quarter of 2011 to Dh235 billion, Dubai Customs Authority said Wednesday.
The figure is a substantial increase on the past two years, rising from Dh159 billion in 2009 and Dh180 billion in 2010. Trade and tourism provide the economic lifeline of Dubai.
Ahmad Butti Ahmad, Executive Chairman of Ports, Customs and Free Zones and Director General of Dubai Customs, said the growth indicates the emirate's quick recovery from the economic crisis, and also promises more growth in the future. "[This growth] could contribute to improving individual incomes and prosperity, as well as creating different opportunities in the market," he said.
Dubai Customs also said that first quarter imports grew by more than 40 per cent, with a value of Dh29 billion, in comparison to Dh20 billion growth during the same period last year. Meanwhile re-exports grew by 38 per cent with a total value of Dh61 billion, compared to Dh44 billion in 2010.
India has topped the list of Dubai's trading partners with trade touching Dh75 billion in 2011, followed by China and the US, while gold and precious stones, oil, vehicles and automotive spare parts dominated Dubai's re-export market.
Butti also said that the increase in trade supported the UAE's strategy to expand trade and business relations with other counties.
Irfan Al Hasani, an economist, said trade growth is a primary incentive to boost the national economy, especially amid the world economic downturn.
He said out that Dubai's trade performance is very encouraging as it proves that the emirate is a viable investment destination. "Despite the impact of the economic crisis on the UAE market, the government initiatives, in addition to the recently enacted favourable rules and regulations, could do well in energising the trade cycle," he said.
