Dubai foreign trade drops to Dh654 billion in H1 2014

Dubai: Dubai’s foreign trade during the first six months of the year amounted to Dh654 billion, down by 3.7 per cent compared to Dh679 billion during the same period in 2013. Dubai’s total foreign trade for 2013 was Dh1.392 trillion.

Imports during the first half of the year had a share of Dh408 billion, while exports had a share of Dh59 billion and re-exports Dh187 billion, according to a statement from Dubai Customs on Wednesday.

Phones and PCs accounted for 17 per cent of Dubai’s total foreign trade in the first half of the year.

“The commodities and markets’ diversity currently seen in Dubai’s foreign trade is attributed to the strategic initiatives launched by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to shift to a smart economy that puts Dubai on the fast track towards becoming the world’s smartest city,” stated Sultan Ahmed Bin Sulayem, Chairman of Ports, Customs and Free Zone Corporation.

Trade of phones amounted to Dh85 billion, up 11 per cent compared to the Dh76 billion in the first six months of 2013. China was the top importer of phones to Dubai, with a value of Dh27 billion, while Saudi Arabia was the main market for phone re-exports, with a value of Dh8.5 billion.

On the other hand, trade of computers grew by 9 per cent from Dh24.6 billion to Dh27 billion during the first half of this year.

Meanwhile, Dubai’s jewellery trade was valued at Dh29.5 billion during the first half of 2014, up 12 per from Dh26.4 during the same time a year ago.

The emirate’s automotive foreign trade climbed 31 per cent from Dh24.3 billion to Dh32 billion in the first half of the year.

The trade in helicopters and lightweight aircrafts climbed 14 per cent to Dh9.4 billion against Dh8.3 billion.

Petroleum oils’ trade grew by 31 per cent from Dh15.6 billion to Dh20.5 billion.

Lightweight ships and floating equipment’s trade grew more than 125 per cent to Dh3 billion compared to Dh1.35 billion in the first half of 2013.

Also, the conditioning’s business grew by 53 per cent to Dh3.6 billion against Dh2.4 billion.

China was Dubai’s top foreign trade partner during the first half of the year, with a trade value of Dh80.5 billion, followed by India with Dh53 billion, the US with Dh41 billion, and Saudi Arabia with Dh27 billion.