Dubai’s foreign trade swells in the first quarter

Dubai: Dubai’s non-oil foreign trade achieved a 6.6 per cent growth during the first quarter of 2012, amounting to over Dh298.1 billion as opposed to Dh279.7 billion in the same period last year, Dubai Customs announced today.

Ahmad Butti Ahmad, CEO of Dubai Ports, Customs and Free Zone Corporation (DPCFZC), said that Dubai’s imports was valued at Dh175.2 billion during the first quarter of 2012 compared to Dh166.2 billion in the same period in 2011, showing a 5.4 per cent increase.

The value of exports and re-exports in the first quarter of 2012 amounted to over Dh122.9 billion, an 8.5 per cent increase compared to the Dh113.4 billion achieved in 2011, he added.

According to Butti Ahmad: “The Dubai Customs Director General also added that the UAE’s openness to the world markets, combined with its capacity to deal with diverse consumer products, has helped in addressing cultural diversification in the country.”

Export volumes

He added that the growing purchasing power parity has also contributed to the increase in the volume of imports. “Moreover, high quality Emirati made products, the promotion of the national industry and the strategic facilities offered to exporters have also played a significant role in increasing export volumes.”

Dr Mohammad Al Asoomi, a UAE-based economist, told Gulf News that Dubai has been showing steady economic growth despite global economic challenges.

“Trade facilities and well planned infrastructure, including the airports and ports, in addition to logistics services, have all made Dubai the preferred business centre in the region,” he said. Al Asoomi added that the trade volume of the UAE will get better once the political turmoil in the region settles down.

India is currently ranked as Dubai’s top trading partner in terms of imports, exports and re-exports, achieving a total value of over Dh40 billion. It emerged as Dubai’s top exporting and re-exporting destination at Dh21 billion and came second in terms of imports at Dh19 billion, following China at Dh25.5 billion, while the US came in third place at Dh16 billion, Dubai Customs said.