Dubai: Dubai’s foreign trade with China increased by 29 per cent year-on-year to Dh175 billion in 2014, according a statement released by the Dubai government on Monday.
The Dh175 billion in trade made China the emirate’s largest trade partner, a position held by India in 2013. Trade between Dubai and India, now the emirate’s second largest trading partner, dipped to Dh109 billion in 2014 from Dh137 billion in 2013.
“This progress serves as evidence to Dubai’s pivotal role in the Dragon’s trading with the world. It also reflects the emirate’s capacity to successfully link European, African and international markets with the Chinese and East Asian markets,” according to the statement.
The Dubai government said on Monday its foreign trade rose 0.15 per cent in 2014 to Dh1.331 trillion, up from Dh1.329 trillion in 2013. The figures were based on statistics from Dubai Customs, according to the statement.
“Within the framework of our comprehensive developmental strategy, trade has integrated with other sectors to secure diversification of our national income confirming our ability to sustain solid growth,” stated Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council.
The US maintains its position as the emirate’s third largest trading partner with trade worth a total of Dh83 billion in 2014, down from Dh86 billion in 2013. Saudi Arabia continues to be Dubai’s fourth largest trade partner despite trade falling to Dh52 billion in 2014 from Dh56 billion in 2013.
Trade with Germany was worth Dh45 billion last year, while trade with Switzerland and Japan was each worth Dh43 billion. Trade between Dubai and the United Kingdom was worth Dh43 billion and trade with Iraq was worth Dh37 billion, according to the statement.
“The growing Dubai’s non-oil foreign trade enhanced the good economic performance of Dubai in particular and the UAE in general in 2014. The impressive commercial growth coincides with the outset of the national economy into propitious prospects,” the statement said.
“A steady increase in trade with Asian countries was the major hallmark, as China, India and Japan are some of Dubai’s key trading partners, next to the USA, Germany, Switzerland, and the UK. KSA heads the list of Arab non-GCC (Gulf Cooperation Council) trading partners. The cutting-edge port, customs, free zone and logistics services have made Dubai the logical place to do business in the Middle East, providing investors with a unique and comprehensive value-added platform,” stated Sultan Ahmad Bin Sulayem, Chairman of DP World and Chairman of Ports, Customs and Free Zone Corporation (PCFC).