Growth rate exceeds twice WTO global trade forecast
With a new peak for non-oil foreign trade in 2013, Dubai's rising growth in foreign trade culminates with a volume of AED 1.329 trillion, achieving an AED 94 billion increase from the 2012 value which totalled AED 1.235 trillion.
Foreign trade has successfully managed to keep up with Dubai's new economic surge; based on a wider diversity of growth, where various economic sectors contribute with convergent rates. In response to this massive leap in economic performance, foreign trade hits a growth rate that exceeds twice WTO's forecasted 2.5% global trade growth.
This soaring economic performance surely solidifies Dubai's position at the forefront of the global economic scene. Being awarded the right to host Expo 2020 is a clear testament by the international community to Dubai's economic ability, and with the arrangements for such an event - considered the world's greatest and most highly-celebrated international trade exhibition - the emirate enters a new stage of continuous rise to new peaks of performance and achievement. This would ultimately make Dubai a regional leader and an international competitor according to all global indicators, most notably those of competitiveness, confidence and happiness.
"We are driven by the comprehensive and insightful vision of H.H. Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-President and Prime Minster and Ruler of Dubai, about the nature of the new stage of Dubai's economic course," said Ahmed Butti, Executive Chairman of Ports, Customs and Free Zone Corporation and Director General of Dubai Customs. "We are set to develop and implement a creative work strategy that is able to keep pace with a stage where Dubai embarks on a more prominent role in the global economy, by means of developing the emirate's ability to efficiently link with regional and international markets. Building on its advanced infrastructure and increasing competitive advantages, the emirate will serve as gateway to markets that virtually extend across the world."
Mr Butti continued: "In line with Dubai's pivotal role in global trade, we work to develop Dubai Customs' array of services so as to respond efficiently to the global market expansion. Dubai foreign trade growth of 8% reflects the emirate's capability to enhance its trade dealings at all levels. The emirate's imports saw an increase of AED 74 billion to reach AED 811 billion in 2013, compared to AED 737 billion in 2012. On the other hand, exports and re-exports increased by AED 20 billion with a total value of AED 518 billion, compared to AED 498 billion registered last year."
Furthermore, Dubai's direct trade with the outer world rose to AED 846 billion, up from AED 808 billion. Dubai free zones trade volume recorded AED 467 billion, compared to AED 417 billion. Customs warehouse trade went up from AED 10 billion to AED 16 billion.
"We in Dubai Customs have a relentless determination to promoting our performance in order to keep pace with Dubai's role in the global trade," said Mr. Butti, adding that "Dubai Customs is eager to deliver high-end services to traders and investors, by reducing the time and effort spent in carrying out transactions, thus ensuring a real value is added from choosing Dubai as their trade destination. This also enhances the emirate's ability to attract the highest sustainable trade growth, that efficiently leverages its overall economic performance. In 2013, and in response to the Smart Government Initiative launched by H.H. Sheikh Mohammed bin Rashid Al Maktoum, Dubai Customs was the first government entity to transform into a fully smart government."
During 2013, Dubai maintained a relative diversity in its external markets. India tops Dubai's major trade partners with a total trade volume of AED 137 billion representing a 10% share. China comes second with a value of AED 135 billion which accounts for around 10%. The USA is third with AED 86 billion, that is a 6% share. Saudi Arabia rises to the fourth position with a total share of 4% amounting to AED 56 billion, then the UK with a total share of approximately 4% accounting for AED 54 billion.
As far as Dubai's imports are concerned, China leads the list of trading partners followed by the USA then India. As for re-exports, Saudi Arabia comes first, followed by India then Iraq. India, Turkey and Switzerland are respectively the leading partners of Dubai in terms of exports.