Dubai's non-oil foreign trade up AED319 billion in Q1 2016

DUBAI, 14th June, 2016 (WAM) – Dubai registered growth worth AED319 billion in the total volume of non-oil foreign trade commodities in the first quarter of 2016. The volume of traded goods jumped by 17 percent from the same period last year to reach 24 million tonnes, according to statistical report released by Dubai Customs. It added that the growth was the result of re-export commodities' soaring 35 per cent to 4.1 million tonnes, export goods rising by 26 percent to 4.58 million tonnes, and import goods going up 11 percent to 15.25 million tonnes. Imports contributed AED196 billion, exports AED36 billion, and re-exports AED87 billion. Dubai continued to demonstrate its resilience to global growth challenges and market fluctuations due to slowdown in all key economies of the world. This reflects the emirate’s role as a hub for international trade at the crossroads of Eastern and Western markets. "The safe-haven sector of foreign trade in the emirate of Dubai is gaining greater momentum at the present stage of the UAE’s economic development, where it is moving ahead into the post-oil phase that was launched by Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Shaikh Mohammad bin Rashid Al Maktoum to boost the nation’s diversified economy and ensure its sustainability," said Sultan Ahmad Bin Sulayem, Chairman and CEO of DP World and Chairman of Ports, Customs and Free Zone Corporation. "A key factor in our national economic diversification, Dubai’s foreign trade sector puts the UAE solidly on the world trade map, especially as Dubai has positioned itself among the leading global markets for smart information technology and broadened its global trading partner network to include major players in the world economy," he added. Bin Sulayem noted that the growth prospects of the foreign trade sector are now even more promising, given the rapid growth of the UAE and Dubai as knowledge economies, propelled by the ambitious goals of UAE Vision 2021 and Dubai Plan 2021, and the hosting of mega events such as Expo 2020. Ahmad Mahboob Musabih, Director of Dubai Customs, said, "Dubai Customs is committed to taking the national economy to the next stage by supporting the trading community in Dubai with advanced, automated trade facilitation services and streamlined processes that will further cut down the time needed to complete inspections and Customs clearance, all of which provide traders with great value in terms of minimising the cost and time of doing business through Dubai." "Several projects and initiatives have been launched to speed up clearance procedures and increase business returns for traders and investors. These efforts have recently culminated in Dubai Customs being honoured by His Highness Shaikh Mohammad Bin Rashid for winning the trust of our customers who named us the best government entity in customer happiness, apart from ranking first and scoring 95 percent on the smart Happiness Index. This accomplishment only motivates us to work harder and spare no effort in making our clients happier," he said. - Emirates News Agency, WAM -http://www.wam.ae/en/news/economics/1395296699072.html