Dubai's foreign trade growth has reached a new peak in the first half of 2013, as the value of non-oil foreign trade of the Emirate has surged to Dhs679bn. This represents a remarkable 16% growth from the same period last year, where the non-oil trade value was Dhs584bn.
Dubai's foreign trade growth has reached a new peak in the first half of 2013, as the value of non-oil foreign trade of the Emirate has surged to Dhs679bn. This represents a remarkable 16% growth from the same period last year, where the non-oil trade value was Dhs584bn, according to a statement today by the Media Office at the Government of Dubai.
This growth was powered by the rise in exports by 22%, which represents a climb from Dhs69bn to Dhs84bn. Imports also registered a remarkable increase of 16%, rising to Dhs406bn compared to Dhs349bn. Re-export trade recorded a growth rate of 13%, climbing from Dhs166bn to Dhs188bn.
Dubai's foreign trade growth accelerated from nine percent in the first half of 2012 to 13% for the entire year. Dubai's foreign trade during the first half of 2013 has exceeded the expected growth rate for the entire year, which was estimated to be at 14%.
This accelerated growth reflects the ability of foreign trade to benefit from the growth of other sectors. For example, the significant growth of the tourism sector has subsequently contributed to the growth of trade, as the number of tourists who visited Dubai in the first half of 2013 increased by 11% to reach 5.5m tourists. This follows the record growth in 2012, with 10m tourists and a 9.3% annual growth rate compared to 2011.
Dubai Crown Prince and Chairman of Dubai Executive Council, H.H Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum expressed satisfaction for the results of Dubai's trade over the first half of 2013.
He stressed that the strong trade performance reflects soundness of our open economic approach.
He asserted that the growth in Dubai's non-oil trade exchanges is a result of efficient and effective economic policies upheld by Dubai Government. These polices sustain development to serve the emirate's strategic objectives. Dubai has maintained vibrant economic and commercial ties within the Arab world and around the globe underlining its position as international hub for trade and financial services.
Sheikh Hamdan asserted that the announced results are incentives for further economic performance development. He indicated that the strong outcomes of Dubai's foreign trade over the first half of 2013 come hand-in hand with other major achievements taking place in the country under the leadership of President His Highness Sheikh Khalifa bin Zayed Al Nahyan and on-going guidance and follow up by Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum.