Dubai's non-oil foreign trade volume increases 12pc in H1 2012

Dubai, Aug 28, 2012 (WAM) - Dubai's non-oil foreign trade has climbed to a record Dh 602bn during the first half of 2012, reflecting a 12pc increase compared to the Dh 537bn achieved over the same period in 2011, according to the latest statistics from Dubai Customs. Ahmed Butti Ahmed, Executive Chairman of Ports, Custom and Free Zone Corporation, and Dubai Customs Director General, explains that these figures include non-oil direct trade, free zone trade and customs warehouses. Dubai's imports have shown a growth of 11.5pc in H1 2012, fetching Dh 357bn compared to Dh 320bn in H1 2011; while the value of exports and re-exports hit Dhs245bn with a growth rate of 13pc as compared to Dh 217bn over same period last year. He commended Dubai's foreign trade sector for breaking the barrier of Dh 600bn for first time in its history, noting that this sector has suffered major losses in 2009, dropping from Dh 458bn in 2008 to Dh 361bn in H1 2009 amid the global economic crisis. Nonetheless, the sector managed to get back on track during first halves of 2010 to 2012, registering Dh 436bn in 2010, Dh 537bn in 2011 and Dh 602bn in 2012. Ahmed Butti Ahmed further pointed out that the Department is continuing to establish better regulations and customs procedures, which provide more facilities for traders, cargo companies and all customers within a more attractive investment environment. Dubai Customs looks toward promoting Dubai's position as one of the world's leading financial and business hubs, as well as preserving its gains as a crucial link in global trade connecting various countries through a robust network of ports and airports. Unwrought, worked and semi-manufactured gold topped the list of Dubai's imports reaching Dh 59bn during the first half of 2012, followed by jewellery at Dh 25bn, diamonds at Dh 24bn, telecom equipment at Dh 23bn and automobiles at Dh 15bn. Gold was also ranked as the top exported product from Dubai during H1 2012, at a value of Dh 42bn, followed by diamonds at Dh 8bn, jewellery and precious metals at Dh 3bn, aluminium at Dh 2bn and non-crude oil at Dh 2bn. In terms of re-exported products from Dubai, telecom equipment came in first at Dh 29bn, followed by diamonds at Dh15bn, jewellery and precious metals at Dh11bn, oil products at Dh10bn, and IT machinery at Dh 9bn. According to the figures released by Dubai Customs' Department of Strategy and Corporate Excellence, India has managed to maintain its position as Dubai's top foreign trading partner with a total trading value of Dh 77bn (13pc of Dubai's overall foreign trade exchange); while China came in second with Dh 53bn (9pc), followed by the US at Dh 36bn (6pc), Switzerland at Dh 32bn (5pc) and Saudi Arabia at Dh 23bn (4pc). Accordingly, Dubai's trade exchange value with these top five countries hit Dh 221bn in total, accounting for 37pc of Dubai's overall foreign trade during the first half of 2012. – Emirates News Agency, WAM